Sharepoint 2007: Calculated Column with 5 hours offset for GMT to EST conversion

For a Sharepoint 2007 list

I would like to have a calculated column that calculates the GMT -5 =EST hours for a task list.

Prerequisites:

• We have a Sharepoint 2007 list
• We have at least “design” level permission (Can create lists and document libraries and edit pages in the Web site)  to the site where the list is located
• we have 1 column called  [Scheduled GMT] (default Date and Time type)

We now go to -> Settings ->  List Settings -> create column

1. give the column a name “ex: Scheduled EST (GMT-5)”
2. The type of information in this column is: “Calculated (calculation based on other columns)”
3. in the Formula field insert:
   “=[Scheduled GMT]-TIME(5,0,0)”
   Where [Scheduled GMT] is the column with the GMT Time and (5,0,0) are the hours,minutes,seconds you would like to subtract.
4. Add the new column to your view of choice to see the automatically calculated EST time based on your GMT entry.