Ignore the Video Elements selection for the moment. Select Next and continue with your video upload. Under Language and captions certificate, select your video’s language.Within the Upload Videos panel, select Show More.
How do I auto-caption a video on YouTube? These can be downloaded and used with other applications or hosting sites.
Even you don't plan to host your video (or audio) on YouTube, you can use it to generate caption files and transcripts. This page provides information about how to correct the automated captions provided by YouTube.