An obvious question: Were the time and date set correctly in the camcorder when you shot the video? Is it possible that, for instance, the camcorder was set for Eastern Time and you were shooting in the Central Time zone?
There is no reason the program would interpret the date/time wrong because the program doesn't ADD the time/date to a clip. That's a function of the camcorder and, when captured over FireWire, that data does not change when you stream it into your computer.
The date on the tape from the camcorder is the same as the date in the properties data in Photoshop Elements but the date next to the thumbnail on the screen is one day earlier. The time is not the same as on the camcorder. It is not clear to me where the program gets the date displayed next to the thumbnail from?
When you say the date on the tape, do you mean the electronic metadata in the timecode on the tape?
I know of no reason the program would see a different date.
Yes I mean the date and time shown on the screen of the camcorder when the tape is playing back for capture. This shows the date and time that the clip was taken. This date appears in the properties data when viewed with Photoshop Elements but the time is set to 12:00am. The date shown next to the thumbnail on the screen, however, is one day earlier and this is the date that is used in the filters to select a date range so I cannot select on the date the shot was actually taken.