I have come across this issue of Date and Time  in SharePoint that i feel like writing an email to Microsoft for making this the most confusing thing ever . 

When you create a Date column you have the choice of Date and Date & Time.

Note the keyword “Format” in that option. Even if you select “Date Only”, your users can still type, or copy and paste, a date and a time and it will be stored as a date and time. But… only the date will be displayed.

After considerable amount of wasting my effort and countless guess work, i came to understand that Times are represented as parts of a day.

Plenty of people have written on this topic and  i'll try to clear out some misconceptions about how you should go about it. Moreover one needs to draw a very clear line about Migration and Upgrading since they are both different which a lot of people seem to mix up. On a lot of forums i see people asking questions like how do we migrate from SP 2007 to SP 2013 and then to 2016?  Another question which is quiet frequent relates to SharePoint 2010 license and if its possible to do a direct migration from SharePoint 2007 to SharePoint 2013.

The issues can be resolved easily and it is not that difficult as it looks like. You only need to go through the post with full attention. So, let us get started.

Oftentimes, it happens with the users that they are currently using SharePoint 2007. But, as the advent of new features and technology, they think of SharePoint to SharePoint migration. Although, it is believed by many users that it mandatory to switch from 2007 to SharePoint 2010 and then, further proceed towards SharePoint 2013 migration. However, it is not true. This post deals with the best possible solution for moving from SharePoint 2007 to 2013 and also gives a chart to show the benefits of SharePoint 2016 and why you should consider it.

I have written very extensively on the topic of Migration to SharePoint Online, in case you are looking for it. 

Migrating to a new version of SharePoint is like moving to a new home.

Before you make that move, there are critical issues to consider. Will the furniture, appliances, and decorative pieces from your previous home fit and work in your new home? What about the custom furniture in your current home that you may not be able to move? For example, it is difficult to move built- in closets that you had a contractor build for you. On a similar note, when was the last time you looked through all your drawers and found just how much useless junk you’ve got hiding in there?

Similarly, a SharePoint migration requires careful planning to identify the critical issues and mitigate the risks of the migration. Whether you’re moving your environment to SharePoint 2013, SharePoint 2016, or SharePoint Online (SPO), it is essential to understand the limits of your new environment, and whether all your content meets these limits. It is also important to consider whether content that is outdated, no longer in use, or forgotten, is worth moving.

It is also important to understand that SharePoint customizations such as custom web parts, custom features and solutions, and custom Master Pages and Page Layouts, do not work in newer versions of SharePoint. Some custom work will be required to move those customizations, especially when the destination is an SPO server, which supports SharePoint Apps and sandboxed solutions.
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Which is why an analysis of your current environment and careful migration planning can save you time and money, and aid in the optimization of your new SharePoint environment.

​Custom Master Pages, and their associated page layouts, cannot simply be migrated over from SharePoint 2007 or 2010 to SharePoint 2013. While the formatting of Master Pages is similar between these versions, it is not the same, and Master Pages written for one version do not work in any of the other versions.

It is vital to know how many custom master pages you have and what they are, before migration, so that you know which of these you either have to discard, or rebuild to work with Office 365. Once these pages have been rebuilt, you can easily migrate the content directly from the old version of the page to the new version using both the OOTB Upgrade and 3rd party migration tools.

Its best to work with SharePoint UI implementation experts to implement new versions of Master Pages and Page Layouts, and not assigning this task to SharePoint developers, who specialize in a completely different skill set (Visual Studio development vs. HTML and XML) and tool sets (Visual Studio and SharePoint Designer respectively).
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In addition, i would recommend working with graphic designers to create the look and feel of the Master Pages (usually using Adobe Photoshop® or similar tools), and have the content generated by those tools given to the SharePoint UI implementation experts. Most SharePoint UI experts are not graphic designers, and won’t necessarily create good designs even if they know how to implement designs created by others. Similarly, most graphic designers know how to design beautiful web pages, but are not familiar with UI implementation in SharePoint.