This is probably the best resource I have found on how to create subtitles and captions for YouTube by ReelSEO.
http://bit.ly/quality-subtitles-on-YouTube Here it explains a step by step method on how to do this in these steps:
- creating the transcripts
- Save your transcript
- Uploading the transcript to YouTube
- Reviewing your transcript
Plus a bunch of tips to maximize the benefits of YouTube closed captioning
