What you need is two separate elements. The first would be an object attribute that holds the value of the time. The second would be a timer with a script that changes the value of the attribute every x seconds. I would try something along the lines of the following:
Create a new object called master_clock or something similar.
Create 2 attributes on it, "hours", and "minutes." Make them both integers and set them to 0.
Create a timer called clock_control. Check "start timer when game begins," set the interval to 50 seconds, and enter the following script.
master_clock.minutes = master_clock.minutes + 5
if (master_clock.minutes = 60) {
master_clock.minutes = 0
master_clock.hours = master_clock.hours + 1
}
Now when you want to reference the time in your other scripts, you can refer to exact time periods when something happens. You can also add further if () { scripts to the timer to trigger certain things. e.g. A script using if (master_clock.hours=13 and master_clock.minutes<31) { would allow something to happen between the game times of 1pm-1.30pm.
This is a simplified version that updates the in game time in 5 minute chunks rather than 1 minute. It also assumes you'll be using 24 hour time starting at midnight. Changing this starting point to whatever time period suits your needs should be relatively easy, you'd just need another script or two to make sure it ticks over from 2359 to 0000. Using the master_clock object also allows you to add other attributes you might want to create and use like changing to a 12 hour clock with AM/PM, assigning qualitative descriptors like morning, afternoon, evening etc., or even adding something like changing weather at different times of the day.
Hope this helps, if you need further clarification of any points let me know.