Transcribing and Editing Podcasts

In the studio, open Settings, click Podcast tools, then turn on Transcript tool.
Open Transcripts on the bottom left corner then click Select voice tracks.
Transcribe your voice tracks.

Edit incorrect words by highlighting words, then press E.
Delete phrases or sentences by highlighting them > right-click > Delete audio.
Move around words by highlighting them > right-click > Cut/Copy/Paste.

Note: Moving around transcribed words or sentences also affect the recorded audio.