I am not sure I have heard of the word "transcription" in the context of a movie. We refer to the lines the actors speak as "the script". Subtitles are what appear at the bottom of the screen when the words spoken by the actors are translated from their language into the audience's language. A transcript usually means a verbatim record of a speech or conversation or evidence given in court.

Subtitles are words displayed at the bottom of a movie or television screen that translate the dialogue or what is said.. transcription is a printed or written record of actual words said in a movie , songs etc , but not translated. This is a ​phonetic/written transcription of the ​conversations.

The use of "Transcribe" is used more for court reporting, medical records to electronic from paper records, or audio into writing/ typed format (not usually heard with movies). If I were to think about transcription that way, I think it would be writing as it is going on currently. Subtitles have already been made for a movie in written form.