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Anyone know to make this equation work?

TO_CHAR({lineitemstartdate},'MM/DD/YYYY HH:MI:SS') -TO_CHAR({lineitemenddate},'MM/DD/YYYY HH:MI:SS')

Doesnt make much sense to substract strings.  You should probably be casting them to dates to do subtraction on them.

so if i switch to TO_DATE and use formula date it will subtract those?

date - date is not going to give you a date, so formula date does not make sense.

Subtracting two dates in Oracle will give you a floating point number, representing the # of days between the two dates, so this would make more sense to be a numeric formula.  What sort of result are you expecting?

Also, subtracting an end date from a a start date is a little weird.  In most cases that is going to give you a negative number, unless your start date is after the end date.

Im attempting to get the minutes it took to start and complete a wave

To_date both of them, subtract, then convert to hours/minutes/seconds (multiply by 24, 60, 60) as needed