New projects should have their timezone set when they were created. If you did not do this, or want to change the timezone, please follow these instructions.
The time zone must be set in the "Project Settings" page in order for the project reports to show in the correct time.
Click on the name of your project space in the upper right hand corner:
This will bring you to your project settings page. You must be an admin in order to do this.
You can use the dropdown menu or start typing the name of a location to find the appropriate time zone. This will become the time zone used in reporting for the project by default. Note that this not apply to some of the more specialized reports such as "Application Status"; however it is true for all of the worker monitoring reports.
Make sure to click on "Update Basic Info" to save your changes.
Individual web users, however, can see the project reports in a different time zone if they prefer. These settings can be accessed in the Project Settings screen.
If you check the box next to "Override project's timezone setting" you will see an option to display a different time zone. In the screen shot above, the application uses Asia/Kolkata time, but the user wants to see the reporting in US/Eastern time. To select "My Timezone" you will need to scroll through the dropdown until you find your preferred timezone. Clicking on "Reset to Default" will reset the user-specific timezone to the project timezone. Make sure to click "Update My Settings" when you are done.
Changing "My Timezone" will only affect how you see the project space you are working in.