Labeler v7 always stores date/time with both date and time (even if you're linked to an Excel file that only shows the date). If you want to show only certain info, you need to use the Formatting feature in the Properties pane for the field. Note that some of the formatting is case-sensitive.

There is a full discussion of the date/time formatting options in the Help files:
Help, Design Tab, Content Options, Formatting Data

For example, if you only want to show the date:
[DATEFORMAT:MM/dd/yyyy]
would display 04/22/2014 for a date of April 22, 2014.