A text element is simply used to annotate the circuit. It has no logical function.
Enter text into the text area, then click on OK to place the text, or Cancel to cancel.
The font family can be changed by selecting a new font from the pull down list at the top of the dialog. The size can be changed by typing a new size in the box and hitting return. Text can be bold or italic (or both) by clicking on the appropriate buttons. The color can be changed by clicking on the "color" button, then picking a color from the chooser dialog that pops up.