For Web TimeSheet instances hosted on SaaS, the time seen in the Save Date section of the Historical Timesheets reflects the time on the hosted server at the time of saving.
Hence users see either Mountain Standard time,  Greenwich Mean Time or Eastern Australian time (Sydney time) based on the location.
Users in North America, South America and trial instances see the time same as the Mountain Standard Time. (Server located in Calgary)
Users in Europe and Asia see the GMT time. (Server located in UK)
Users in Australia see Eastern Australian time (Sydney time).

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