The keywords NEW and OLD can only be used in the BEFORE trigger. A correct trigger might look like this:
DELIMITER // CREATE TRIGGER addTime BEFORE INSERT ON timetable FOR EACH ROW BEGIN SET NEW.time = NOW(); END//
You can call UPDATE in the AFTER-trigger to update the data, but not in relation to the current table - MySQL will not allow to change it. However, if your task is to change the time of only one column being inserted, there is no need to use a trigger, it is enough to set the ON UPDATE condition for the time column when defining the timetable table
CREATE TABLE timetable ( id int(11) NOT NULL, ... `time` datetime NOT NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP );
Such a column can be left blank - it will automatically be assigned the current time.