Teams can provide live captions and live transcriptions during a Teams meeting.
Live captions can be turned on by all team meeting participants and will present real-time captions to those who have turned it on. Microsoft have created this useful guide to live captions in meetings
Transcriptions can only be enabled by those who have the ability to record, this will create a live transcription feed that can be viewed by all participants during the meeting and the transcription file will also be available to view after the meeting has finished. Microsoft have created this useful guide for live transcriptions in meetings.
Recordings are now automatically saved into a user OneDrive and if live transcriptions were started with your recording the transcript file can be enabled by those viewing the recording through the closed captioning button during playback.
Live transcriptions can be switched on separately to recordings and if you require the meeting to be recorded and transcribed that you ensure both have been enabled at the start of the meeting.
Stream can also be used to generate transactions of recorded teams meeting. Once the recording has been completed you would need to download the recording and upload it into Stream where you can generate a transcription. This transcription can then be downloaded, edited and then re-uploaded, this guide explains how to edit a transcript