Learn how to Caption YouTube Videos in 120 seconds.
This video will show you (if you speak or want to caption in English, at least) how to enable automatic closed captions and how to edit those captions for accuracy. Depending on the length of your video, it may take some time before you are able to edit the automatic captions that you have selected. Apologies for not having an obnoxious dubstep intro for the first 40 seconds of this 2 minute tutorial.
NOTE: YouTube is constantly changing/shifting buttons and features around, so this video is only accurate as of November 2019. Future viewers beware.
The irony is that YouTube would not auto-caption this video. Not sure if my mic made me slur more than normal, or if I just talked too fast, but I had to click on "transcribe" and use the auto-transcribe feature. Luckily, this video was only 2 minutes long, but it still took some time to do. It may be that this video was also too short for YouTube to bother captioning.