Subtracting from the SUMIF with the difference from the SUMIF range

My contract works on bankable time and I would like to be able to how much time I have rather than have to add it up.

The number of hours is in cell E.

Currently I have the formula =SUMIF(E:E,">7"), but I want to have it calculate so the sums of the time over 7 hrs shows up, not the overall sum of hours worked.

So if I worked 8 hours for 3 days, I want to be able to display 3, not 24.

Maybe something like this...

Data Range

	E	F	G
1	Hours		Hours >7
2	8		8
3	8
4	8
5	4
6	7
7	12
8	------	------	------

This formula entered in G2:

=SUMPRODUCT(--(E2:E7>7),E2:E7-7)