Although the software supports recording, the transcribe function is missing. I have searched the official website, but couldn't find anything related to this feature. A new application is required for this type of job.
Luckily, there are plenty applications that you can use to transcribe audio and video files. Use the search results page from Software Informer and pick a product that meets your needs.
Search results: http://software.informer.com/search/transcribe