Because is not feasible to reliably determine the local time for each client, the physical locations of clients are not taken into account when performing transactions. All times entered are taken as local for the server, translated into UTC, and stored in the database as UTC times.
This has several results which you might not expect:
Similarly, when your area switches to Daylight Saving Time (Summer Time), previously created transactions are not affected, and will appear an hour late compared to local clocks. Transactions created during Daylight Saving Time will appear to be an hour early when your time zone moves its clocks back.
Because of the potential confusion surrounding time zones, you may find it most convenient to set your server's clocks to use UTC as their local time zone, and then schedule all transactions on that basis.