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A formula is an algorithm that derives its value from other fields, expressions, or values. Formulas can help you automatically calculate the value of a field based on other fields (from Salesforce doc). Formulas can be used in many areas of Salesforce other than just Formula Fields, such as Validation Rules and criteria for Workflow Rules and Approval Processes.

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How to have a fixed time populated in a date/time formula field?

You can try this formula: DATETIMEVALUE(TEXT(DATEVALUE(CreatedDate))+ ' 05:00:00') Where CreatedDate is your DT field. This will be in GMT though, so you have have to adjust for your time zone. …
Paul Kissick's user avatar