When working with forms which have fields associated with current time, current date and/or a number sequence, there is an easy way of setting these values. From the Data Control tab of the Object Properties Box, you are able to set these values in the Default Value box.

#H current time

#D current date

#N number sequence

Type #H in the Default Value box, then create a new record. Note that the current time is automatically entered. Field2 has a default value of current time. The same is true for current date, and number sequence.