Chuck,
You probably just need to set the Time Zone or DST. Boot the iFly 720 up and touch Setup. Then touch the Tools icon, then Time to set the Time Zone and DST depending on the OS you have. Some may have it in the Options tab of the Settings.
Also, the time is updated from the GPS, so if it is off by increments outside of 1 hour or 2 hours, etc, you just need to take it outside and get a GPS signal. I hope this helps.