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You can't manually set the time but it should reset itself whenever it syncs to your phone or computer based on the time on that device. Does your fitbit seem to be syncing ok?
The other thing that affects the time is the timezone in your profile. You can check yours at https://www.fitbit.com/settings/profile If you do change it then you'll need to sync again to update your fitbit.
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Fitbit Product Experts Alumni are retired members of the Fitbit Product Expert Program. Learn more
It should sync automatically when you open the app (as long as it's been through the setup process ok) but fitbits often have syncing issues. If yours doesn't seem to be syncing then there are a few things to try: