It isn't available for AVCHD. You can export your audio to a WAV file, reimport that file, synch it back up with your video and do the transcription.
Better yet: skip the transcription. It ain't worth a hoot.
Excellent - thanks for the help! I would definitely skip the transcription, but I have a video clip that's 22 minutes long and my writer wants to trim it to a minute, but doesn't want to listen to the whole thing. Seems like a lot of work, but I'd rather do that than type the whole thing out for them.
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The problem is, you'll likely have to transcribe it "by ear" anyway. The Transcribe feature is nowhere near ready for primetime. With good, clean audio, recorded in a quiet setting with a professional microphone, I've only managed about 20% accuracy. It actually takes more time to correct all the mishits, than it does to type it out from the get-go.
Whoa - good to know. I won't even waste my time with the exporting and re-aligning file then, and I'll just listen to it on my own. Thanks for the tip!