The default report deadline is Friday 5 PM. Feel free to change that and the respective notification time and day before that to anything you like.
To do that, go to Settings – Schedule.
Reports due is the time and weekday when reports get compiled and sent to manager and all team members. At that time reports in the web interface get rotated to a new clean week as well.
Report notification is the e-mail reminder to everyone to fill in their weekly report.