I have had trouble printing the date in long format and printing parts of
text formula in bold font. Once the field is inserted into the text box all
formatting disappears. By setting the options to a long format it works on
my system, but  when I install at  client site with CR5.0, the date appears
in long form only when indevelopment mode, at runtime the  field reverts to
a short date type.

What am I missing???

It sounds like crystal is using the control panel settings to determine
date format.  You might try converting the date to text using the totext
function.