In addition to the usual tagging preparations, you need to establish a connection to your cancorder (or other video stream). Also don't forget to choose a file name and recording folder because files are saved as the recordings are made.
It is also possible to choose video encoding at this stage. The video explains possible reasons for doing so but also remember that video can be re-encoded later too. At the time when this tutorial was created, the greatest range of recording functionality was only possible when recording DV or HDV format video.