Excel if statement using time

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Hello,

I am trying to do some conditional formatting using if statement. I have a spreadsheet that is supposed to flag targets based on a 24hr clock. If a target is 24hr or less then the indicator should flag green, if it is 24hr or greater then it should flag red. I am using the following formula in excel 2010 [=IF(cell>TIME(24, 0,0),"RED",IF(cell<=TIME(24,0,0),"GREEN"))]. Can someone please tell me what I am doing wrong as it does not appear to be working.

Frustated Carview.

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For the Green condition, on the home tab > Conditional formatting > New rule > Use a formula to determine which cells to format > Use the following formula: =cell<=1. Format the cell as green fill.

Repeat for the red condition. Formula: =cell>1 and format the fill as red.

Kevin