Adobe Premiere Pro - How to Auto Transcribe and Caption

With your Premiere project open, go to Window > Text
The Text Panel will open
The Caption default preferences should work Choose Transcribe and Create Captions
Multiple progress bars will cycle in the text panel Wait until the process is complete
Once the transcribing is done, you will get a list of it's results.
The auto transcribe does a relatively great job but it can still get caught up on bad audio, uncommon words, and names. It is recommended to go through the transcript and check for errors. Additionally, if you elect to not opt-in to have it recognize when different people are talking, the breaks won't be as accurate. To edit, just double click on the word you need to change and it will enable editing for that paragraph and highlight the word. Once done, click outside of the box and the change is applied.
If you would like a text file of the transcript, you can go the menu on the top right and click export to text file Choose a location and name and click save.
Alternatively, if you would like to create captions for your project, you can click "Create Captions" to generate a subtitle track in your timeline and premiere will create overlays timed with the audio. A menu will open, providing options of how you want your captions to be displayed.
Once you click Create, the captions panel will display a progress bar. When it completes, the captions will be generated.
Once the subtitles are generated, the captions panel will display each section of dialogue in it's new format and a new track will be added on the timeline
If you would like to export the new captions as a text file or SRT, click on the menu and select "export to SRT file" or "Export to text file"
If you plan to use an SRT file for optional captioning, you can delete the subtitle track once the SRT file has been saved. To delete the track, right click on the subtitle track in your timeline and select "Delete Track"
If you need to import your SRT file (or an outside SRT file), go to the caption panel and select "Import captions from file", select your SRT file, and then choose what style the SRT is formatted as (subtitle in the case of this wiki). This will build a subtitle track (similar to how it looked above)