1 Correct answer
By the way: I'm guessing that by the name of your clip in the screenshot you posted (MVI_####) that you're working with footage that was originally shot with a Canon DSLR and then converted to ProRes. As a point of interest, you might like to know that you can work with clips directly from the DSLR in Premiere Pro, with no need to transcode. As a matter of fact, you will probably get BETTER performance by not doing so (in the future), since the DSLR clips are handled by Premiere's native 64-bit
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We edit, and output, all our material in Apple ProRes but how does that work in premiere?
ProRes works fine. I use it frequently (typically just the 422 variant), and I'm even on a PC--I'm assuming you're on a Mac. Since it is a QuickTime codec, and one that is not handled natively by Premiere's importers, you'll be working in a 32-bit process, but Premiere will still work just fine with it. No need to re-encode your footage: just import and go. You should be able to encode to ProRes, again assuming that you're on a Mac--there are no ProRes exporters for Windows.
(You might want to read this article at ProVideo Coalition by some guy: Native Format Editing in Adobe Premiere Pro)
When I import ProRes footage, I can't seem to match the sequence-settings as I would in FCP?
That's a piece of cake: just drag one of your clips to the New Item button at the bottom of the Project panel:
...or you can right-click a clip and select "New Sequence from Clip." Whichever you do, Premiere will create a sequence that matches the parameters of your source footage, and drop the clip into it. You can also select multiple clips and do the same, and it will create just a single sequence but put all selected clips into it.
Hope that helps, and welcome aboard 
Hi Colin!
Thank you very much for the fast respond!
And you're right; I'm on a mac 🙂
But here's the thing: When I create a new sequence the way you suggest, and then check my sequence settings.... It still looks wrong?
Clip Setting:
But here's the thing: When I create a new sequence the way you suggest, and then check my sequence settings.... It still looks wrong?
I see your concern; I'm guessing that you're talking about the Editing Mode appearing as AVCHD? Practically speaking, you can edit any kind of footage that you can import in any kind of sequence in Premiere. The Editing Modes are simply shortcuts to certain sequence parameters, like frame size, frame rate, and field order. So even though there isn't a specific ProRes editing mode, you don't have to worry about it--just plunk your footage into a sequence that matches the footage parameters (which you can see, the New Sequence from Clip operation did) and edit away.
If you want, you can go to File > New > Sequence and create your own custom sequence preset. Premiere has a "Custom" editing mode that allows you to completely customize the frame size, frame rate, and other parameters. Simply select a sequence preset as sort of a baseline, and then click on the Settings tab where you can tweak the settings as you like:
You can then go to the Tracks tab and specify the number and type of tracks you'd like in your preset, and then click the Save Preset button. Any time you want to use that preset, just create a new sequence and select it, and it will be set up as you indicated.
Ultimately, though, you don't need to go to this length; Premiere will work just fine with the footage in the sequence that was automatically set up. Don't be concerned with the yellow line over the footage; you'll still have real-time editing performance. Here's a blog post regarding the colored bars: Red, yellow, and green render bars and what they mean
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