*Warning. This article was written using the September 2014 PowerShell v5 Preview*
Prior to PowerShell v5 it was not possible to use Start-Transcript in the PowerShell ISE, it could only be used in the standard PowerShell console. You would receive the error:
Start-Transcript : This host does not support transcription.
Now in PowerShell v5 it can be used natively:
Start-Transcript -Path C:\Test\Transcript.txt Get-Service Stop-Transcript
Run your commands (in this example just one, Get-Service). Then Stop-Transcript
Now view the transcript file