The editor supports two modes: Insert and Override. You can set the preferred one in Preferences.
Insert Mode
In this mode you can freely write a text which can be converted to timecode and you can use any of "." (dot), "," (comma), ";" (semicolon) or ":" (colon) as a separator for timecode parts. For example entering any of 1.0.2 or 1..2 or 0:1:00:2 or 0,1,0,2 are all equivalent to 00:01:00:02, and you can also enter timecode parts that exceed their normal limits, for example entering 300.0 (300 seconds) will be automatically converted to 00:05:00:00 (5 minutes), or 62:40 (62 seconds and 40 frames) in 25 fps will be converted to 00:01:03:15 (62 seconds is 1 minute and 2 seconds, and 40 frames are 1 second and 15 frames, so in total 1 minute, 3 seconds and 15 frames). In Insert Mode you can considerably reduce the number of keystrokes needed to enter a timecode compared to Override Mode.
Override Mode
In this mode you always see all timecode parts and its separators. You are allowed to move only through digits, which is indicated by the block cursor marking the digit you will override if typing another one. You can jump to next timecode part by pressing separator from the keyboard.
In both modes you can use Up/Down arrow keys to increase/decrease by 1 the timecode part under your cursor, or Ctrl+Up/Down arrow to increase/decrease by 5. The same you can achieve by mouse wheel - just position the mouse over the part you want to change.
If you press one of the +, -, *, / keys a dialog will appear to enter another timecode or a number for applying the respective mathematical operation: