The title says it all. Greenhopper manual suggests to go through 'Administration' > 'Global Settings' > 'Timetracking', but there does not seem to be a corresponding menu option in Jira OnDemand.
Answering your question, it is currently not possible to set this. This has been requested here https://jira.atlassian.com/browse/GHS-6128 which originated from this request - https://jira.atlassian.com/browse/GHS-5117
Please vote on these tickets in order to raise their popularity. For additional information, here's Atlassian new feature implementation policy - https://confluence.atlassian.com/display/DEV/Implementation+of+New+Features+Policy
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