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Generally speaking, Rogue Amoeba’s applications use stereo audio pipelines, rather than multi-channel audio formats such as 5.1 surround sound or Dolby Atmos.
Piezo can record stereo audio from applications, as well as and mono or stereo audio from input devices.
When Piezo is recording from an application it recognizes as a VoIP app, it will automatically save local audio to the left channel, and remote audio to the right channel. See this article for more details.