When you should do?
Right from the yugadhi to Vaishaka amavasya, You can do Panaka pooja on any day except on Ekadashis.
You can do panaka pooja on Dashami, Dwadashi, Pournami, Amavasa, or your Janma Nakshatra day are any other suitable days
Mostly I have seen people doing panaka pooja on dwadashi’s. As we consume paarana early in the morning, it would be nice to have panaka pooja in the noon time
when and how you should do?
Mostly this pooja is done around 3.30 to 4.00 pm in the evening. Invite relatives and friends to your home
Prepare dishes like Hunisehannu avalakki, Mosaru avalakki, Rava kesari, sandige, kosambari, panaka, butter milk(neer more), Fruit salads etc
Before serving to guests, do Neivedhya of the prepared dishes and fruits to parmathma and Give thamboola to brahmana , mutthaidharu.
As it is summer months(Chaithra & vaishaka), along with Panaka pooja vilyadhaladike, You can also plan to give dana items like Umbrella, Chappals, Udakumbha dhana etc