What version of Premiere Elements are you using and in what computer operating system is it running?
Basically you select only the soundtrack and adjust the volume slider. The volume controls details may varying according to version, so please supply the above information so we can offer specifics.
Welcome to the forum.
There are several ways to adjust Volume in PrE. This Tips & Tricks article lists several of those: http://forums.adobe.com/message/3472343#3472343
Knowing the version of PrE, and also your OS version, as ATR has asked, will be helpful, as different versions have some differences, and to point you to the location of the adjustments, will be important, to avoid confusion, so please answer ATR's questions too.
Looking forward to your follow up to help you move forward in your Premiere Elements projects.
I am using Windows 8.1 and Premier Elements 9 also Photoshop Elements 9
When Creating a slide show in Photoshop I can adjust the audio down by using the slider bar however when I add Narration the volume adjust up to that of the narration
I have had this problem ever since Photoshop Elements 4 Rgardless of what Windows system I was on
I just did a run through of the situation that you described with Photoshop Elements 9 Premiere Elements 9.0/9.0.1 and the Elements Organizer 9 Slideshow. I think that I have identified the core of the issue. Let us see.
1. In the Elements Organizer 9 Slideshow Editor, you can place a soundtrack in the Soundtrack bar. If you click on it, the right side of the Slideshow Editor displays, showing control for only the soundtrack volume. If you have created a narration in the Slideshow Editor, it will be embedded in the photo that you selected, and a microphone icon will appear in the bottom right corner of the photo involved. There is not control for the narration level there as far as I have ever found.
And, in my case, while still in the Slideshow Editor, I can select the soundtrack, have its volume control slider appear, but moving the slider to the extreme left or right has not affect. I still hear the soundtrack. It is only after I get the slideshow into Premiere Elements 9.0/9.0.1, that the sound level set in the Slideshow Editor presents. (That is, if I had the slider to extreme left in Slideshow Editor, the soundtrack was muted in Premiere Elements; if I had the slider to extreme right in Slideshow Editor, the soundtrack was heard.)
Here is what I suggest that you try.
Output your Elements Organizer 9 Slideshow Editor slideshow to Premiere Elements 9.0/9.0.1, using the Slideshow Editor's Output option of Edit with Premiere Elements. Once the slideshow (in the .psess, whole video format) is on the Timeline, right click it and select Break Apart Elements Organizer Slideshow. After that is done, you will find the slideshow components on appropriate tracks. Narration will be on the Narration track. And soundtrack will be on the Soundtrack. Then adjust the volumes of each the way you want them. There is even a Smart Mix feature to balance the Narration against the Soundtrack.
Do you need supplemental information on how to adjust volume in Premiere Elements 9.0/9.0.1? If so, we will go through the ways to do that. Be sure to be working in the Timeline view, not the Sceneline.
Please let us know the outcome.