Use the Current Timecode Position command to redefine the current timecode position and session start time. By creating an insertion point (or selection), and then entering the new timecode position for that location, the session start time will be recalculated based on the new, relative Timecode location.1 With the Selector tool, click in a track (or make a selection) where you want to redefine the position.
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If your insertion or selection is not on a grid boundary, it will round to the closest boundary.3 Enter a new SMPTE frame number in the dialog to correspond to the timecode shown in the dialog.