What time code?
Are you looking a timecode on your video -- or on the program's interface?
Premiere Elements 7
From your description I can interpret it only one way....let us see NTSC Setup
1. In Premiere Elements 7 here, the time under the monitor is displaying in Timecode 00;00;00;00. If you want that to display in frames, then hold down the Ctrl key of the computer main keyboard and click on the Timecode numbers 00;00;00;00 to switch from Timecode to Frames.
The other way to do this...Go to Edit Menu/Project Settings/General and Display Format and switch from 30 fps Drop Frame Timecode to Frames.
If this would be PAL setup....switch from 25 fps Timecode to Frames there.
Note: the Timecode is represented 00;00;00;00 for NTSC and 00:00:00:00 for PAL.
Please let us know if that worked for you.