WaveLab Elements / Recording in from external synth/ setup

I’m just trying to record the sounds from my external synthesizer directly into WaveLab. The problem is, I’m unable to hear any audio coming into WL after hitting record. However, I hear the audio playback AFTER it’s been recorded.

Which settings need to be adjusted to “play into” WL? I’ll add some aditional details & screenshots if more info is needed.

Make sure the correct I/O has been assigned in the setup window. Then, in the record dialog, make sure the “monitor” box is checked so you can monitor the input while recording.