All Day event problem

Every time that I try to create an all day event from within Outlook
2003, it shows up at midnight instead of in the gray bar at the top of
the screen. I have to scroll up to midnight in order to see these
items. When I look at events that do show up in the gray area, they
look exactly the same as the one I created! I've tried selecting 'New'
and choosing all day event, I've double clicked on the gray area and
created a new all day event, and I've tried right clicking in the gray
area and creating an all day event. Everything puts it at 12:00!!
Anyone have any insight on this?