In order to format a time to show hundredths of a second, you need to create a custom format as the standard time formats only show hours, minutes and seconds. The format to use would be hh:mm:ss.00 if you want the hours to reset after 24 hours (so a time of 25 hours would show 1 hour) or else [h]:mm:ss.00 if you want a time showing more than 24 hours (so 25 hours will show as 25 hours).
Updated with screenshots on Excel format for hundredths of seconds
Learn more at our Excel courses. Visit www.AuditExcel.co.za Live Excel Training page