I should be able to rule out the problem being in the camera since Vegas recognized the TC properly in the “properties” tab of the clip
Not necessarily. If the date/time function on the camcorder has NEVER been set OR the internal battery (about the size of a dime) is dead, Vegas will still report the timecode from the beginning of the tape and it will seem to be correct.
However, since the camcorder’s clock isn’t working, you’ll never see what you’re hoping to see because it never got recorded in the first place.
You didn’t say if you’ve ever set the date/time on your camcorder or how old it is.
If you have set the date/time, check it again just to confirm that it’s still working and then check the internal battery.
If you have no way of checking it, here’s a workaround.
Take a brand new tape (this is important as it can’t have any old video on it) and record 15 sec. of so of something.
Stop, rewind and play this clip but don’t stop playback until at least 5 sec. AFTER the clip ends. This is so the camcorder won’t pick up the existing timecode. Switch to record mode and run it for another 15 sec.
Now watch both clips in your camcorder.
If the clock has been set/internal battery is working, timecode should reset to 00:00:00:00 on the second clip.
You could also capture these two clips into Vegas and watch it while capturing. If the internal battery is working, you’ll see the “Current location” time reset to 00:00:00:00 when it gets to the second clip as it’s seeing new timecode.