I just recently purchased the program and I can't seem to find where this feature is. I know I can select a specific time with the yellow bar on top, but it doesn't leave me with enough preparation time to record over what I previously had. I'm using guitar and vocals.
There is no punch in/out in Music Maker. You would need Samplitude Music Studio for that. Just start recording on a new track with the yellow bar starting 1 bar before you want to start.