If you use the drop down box on presets, it gives you the option of how many minutes you want the game and whether you want bonus time on the game. Or you can enter this time yourself using the Initial Time and Bonus Time boxes
This page explains the time controls
When creating a live game in chess, how does the preset time work? How do you host a game where you dont run out of time and can really have a good long think about your game. If anyone can tell me how I should set the preset time, it would be much appreciated.