Yes, TRANSCRIBE is a Scrabble word!

Letter values in Scrabble US: T 1, R 1, A 1, N 1, S 1, C 3, R 1, I 1, B 3, E 1.

Is it a valid word?

TRANSCRIBE is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

write out from speech, notes, etc.
rewrite in a different script
rewrite or arrange a piece of music for an instrument or medium other than that originally intended
make a phonetic transcription of
convert the genetic information in (a strand of DNA) into a strand of RNA, especially messenger RNA