It only records what goes across the HDMI line. That's where it gets sticky with Aces High, because HDMI audio is a PITA. So, if you really want audio recorded you can either record the game with AHFilm and then find a way to copy and sync the track in your video, or you can use a mixer (which gets more expensive). Elgato and AHFilm is the easiest way to go, really, but you have to find a sync point (picture the old ClapBoard).