(To avoid confusion: This is a different problem than "Schedule time is wrong...", which I added a post to earlier today.)
V 3.04 appears to have a bug in how it handles local times when a job is set to a "weekly" schedule.
I'm in the Los Angeles (GMT -8) time zone, which I suspect is relevant. I suspect the time-of-day after which the problem appears (see below) varies by timezone.
Here's what happens:
If I specify a backup time prior to 16:00, everything works properly.
If I specify 16:00 or later, the backup is scheduled for the day of week prior to the one I specify. So, for example, if I specify the backup should take place Wednesday at 16:05, it gets scheduled for Tuesday at 16:05. You can see the problem immediately in the "Next runtime" field.
Let me know if you need additional information. Thanks.