Create a file called: /etc/profile.d/history.sh
# history settings
HISTTIMEFORMAT="%Y-%m-%d %H:%M:%S"
HISTFILESIZE=4000
HISTSIZE=4000
readonly HISTTIMEFORMAT HISTFILESIZE HISTSIZE
export HISTTIMEFORMAT HISTFILESIZE HISTSIZE
I like to set the size to a large value, like 4000 so I can see what has happened many months back. Now your history has a nice format with timestamps:
[aalinux]$ history
...
663 2011-09-28 09:58:05 ls
664 2011-09-28 09:58:08 cd /etc
665 2011-09-28 09:58:09 ls
666 2011-09-28 10:28:27 cat history.sh
667 2011-09-28 10:33:16 history