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I need more info on how to go about this problem.
I notice that when i display the UTC() as a text object in QVW file. It gives me -8 timezone.
FYI my PC is in GMT +8 and it also gives me the same value if i display timezone() function.
Now what i need to verify if it will affects the transaction date display?
I'm afraid you don't understand what UTC is. See this article. For all practical purposes UTC = GMT. So if you are in a GMT+8 timezone then UTC will show a time that's 8 hours earlier. Which is precisely what you're seeing.