Resources (Most, if not all, of these link below can be found in my [Skhills'] personal about section):

General


Contributor Guidelines - These are brilliant. Any competent user will have looked over this at least once. Many users will continue to come back to this and freshen up as it's really clear and helpful.
Basic Formatting Guide - Again this is a really helpful document that I often find myself coming back to. This, as it promises, hosts all basic ways to format pages e.g. how to create separators (lines) in between paragraphs.

Editor Tips - This is a guide for Editors that outlines what a good annotation typically look like. This is a really good thing to read if you want to get a better idea of what you're doing right, and what you can improve on
Note: Another good way of trying to get an idea of what a good annotation looks like is by clicking on a profile of an accomplished contributor and checking out their annotations. Another good idea is too check out well respected pages where the annotations have been really cared for and refined - if you'd like I can refer you to such pages.


Genius FAQ - The title is pretty self-explanatory. This has the answers to many questions you may have pondered - it did for me.

Get To Know Genius Users is a page dedicated to get newer users to know some of the users they can find on Genius!


Transcribing



Song Structure - I've been using this for quite a while now to ensure that my formatting is on point, however, in recent weeks I've come across an even more straightforward page simply titled "Song Parts"
If you want to make on point transcriptions you'll need to refer to these a lot until you're quite confident. I still refer to them seemingly every other week as some songs are very hard to pick.

Transcribing Guide - This page is brilliant. It's new and still being refined and completed but it is seriously helpful.

Tips:


Be realistic: What I mean by this is don't expect perfection because with some songs it's near impossible to determine what an artist is saying - whether they be flowing really fast, poor at enunciating, the beat overpowering their voice, or for whatever reason. Also it's easy to mishear lyrics so don't worry. I've come across literally hundreds of pages where I've had to correct lyrics, and many times I've had other people correct errors with my transcriptions
While everything I've said above is true always aim for perfection as that's how we improve.
Format correctly: I'm still working at this as it can be challenging but formatting is important. Aim to transcribe line by line, and remember to use the correct headings [bridge, pre-hook, verse, etc.].
Check the Transcribing Guide Tips: It's got some great tips on there, but summarised the best ones are - play the track on VLC media play and slow the playback down if you're struggling, try to listen to the track 3+ times before you attempt to transcribe so you'll get a better idea of what the theme of the song is and what they're saying - making it easier to understand, and try and link the audio to the pages embedded media player first as it'll make your job a lot easier (no clicking back and forth between your browser and iTunes).


Things to Remember:

Quality Over Quantity