I hope starkeeper can help you out on this one.. I too own a PSR-550, but I am on vacation and my keyboard is about 6 1/2 hours away at the moment. Starkeep has a good understanding in regards to using the 550. I'll try it when I get home. I haven't really messed with the punch in and out recording.
Squeak
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GEAR: Yamaha MOXF-6, Casio MZX-500, Roland Juno-Di, M-Audio Venom, Roland RS-70, Yamaha PSR S700, M-Audio Axiom Pro-61 (Midi Controller). SOFTWARE: Mixcraft-7, PowerTracks Pro Audio 2013, Beat Thang Virtual, Dimension Le.