Convert Menu
The convert menu allows you to take the format of the source clip or clips and transcode them to a different format, from editing friendly MXF or ProRes or Web, Distribution, or audio-only codecs that may be required by your team's workflow.
Rewrap: This method of transcoding a processor-heavy codec into an editor friendly codec can be done through the rewrap menu.
Once you select your choice from the menu, you will be presented with a Convert & Transcode Media menu where you can adjust your settings for your video, audio, and the trimming selection which encompasses the portion of the video you would like converted/transcoded.