Selecting 'LOWER' or 'LWR' will start the crossing sequence and lower the barriers; when the sequence has completed and the word 'CLEAR' appears, selecting 'CLEAR' or 'CLR' will prove the crossing clear in the interlocking and allow the protecting signal to clear (the route across the crossing can normally be set at any time, irrespective of the state of the barriers). That should all be done in good time to ensure that the Driver of the approaching train doesn't respond to a caution aspect in rear, so you usually will have needed to have cleared the signal before he reaches the YY! That's balanced against delays to the road user by lowering the barriers too early. Obviously that'll be modified where there's a station in rear of the crossing. Exactly when to start the sequence comes with experience, but in a four-aspect area (for example approaching Sawley LC on Trent), I find that pressing 'lower' when the train passes the second green signal in rear of the crossing works for me.
The 'AUT' button controls the auto-raise feature; if this is selected, the barriers will raise automatically once the train has passed, if no other routes are set over the crossing. If auto-raise isn't selected, or isn't provided, you'll need to raise the barriers yourself using the 'RAISE' or 'RSE' button.