How do I set up a time sheet using the 7/8 rounding rule?

[Randy]

I am setting up a time sheet that has to utilize the 7/8 rounding rule. How
do I calculate the rounding?

 

[Peo Sjoblom]

One possible way

=ROUND(A1/(1/96),0)*(1/96)

with the time value hh:mm in A1