The Time Menu of the Add Glossary Entry window enables you to embed time macros in glossary Phrase Entries:
You can select the current time in the Short Time or Long Time formats. These formats are defined in the Region Control Panel applet.
Or you may also use alternate time formats in your expansions with the Custom Time macros.
Note that the time displayed to the right of the Short Time and Long Time menu items, gives you a preview of the time, as it would expand right now. The time is, of course, computed when the expansion takes place.