Here is how I do the basics. First I record a side of the LP. Que the record, hit the red record button in audacity and drop the tone arm and let er rip so to speak. I don't worry about the needle drop getting recorded as that will get trimmed easily later.
Once you have recorded the side you will have two long squiggly lines. Go to the beginning and you will likely visibly see where the needle dropped. Set the cursor just a little past that point and select by going to the edit menu and select-start to cursor. Once that part is selected, just hit the delete key and the first part, the needle drop is gone.
Now if you are not planning to break up the LP side into tracks all you need to do is go to the end and clean that part up in a similar way (select-cursor to end).
If you are going to break the lp up to individual songs you will need to find the spot where the first song ends and the second begins. Once that spot is found, simply repeat the method you used to edit-select-start to cursor, but instead of hitting delete, do this.. edit-split
Once you do this, the selected part drops down and makes a new track. If the results were not what you wanted, just go edit-undo.
To shorten or lengthen the visable audio tracks as they are layed out across the screen, use the zoom in and out buttons..
Once you have all the tracks split up like you want it, there are a few things you need to do before exporting them out of Audacity. First play a few of the loudest tracks and see what the output levels are saying. I think you will find you need to adjust the tracks up at least 3db and possibly 6 in order to get the output level meter as close to 0 without going over. This doesn't need to be done while recording, just before exporting the files to WAV or mp3
Once that is done you can assign names to the tracks in audacity, or wait and do it later in the program that you will use to convert the wav into FLAC or other lossless file type.
Now you are ready to export. Go to File-Export Multiple, or Export WAV (or mp3) if you didn't break up the lp into separate tracks.
You will need to assign a folder, I have one on my desktop called wav files that I permanently use . I also keep a permanent folder called Audacity projects that saves the raw .aud data files into a folder, until I am completely through with them and am satisfied with the FLAC files.
At this point there are some other options.. I run all the tracks through another program (this one isn't free) called ClickRepair which is a wonderful, easy program to use to virtually eliminate pops, clicks and crackle from the recording. After that you need to use other software to convert to lossless (you don't have to but wav files are huge and there is about zero hit to SQ so might as well). Also wav files store metadata in separate "sidecar" files which can get broken and lost from the wav whereas FLAC and similar the metadata is embedded within the file itself so no getting lost. Then depending on software there is artwork (lp covers) that are downloaded from the web. You will then start entering a little of the tracks metadata info such as genre, date, artist etc. I use JRiver exclusively for all of this but there are also lots of other programs that will do some/most/all of JRiver..
Now alot of what I have laid out can be done by different methods. Lots of ways to skin cats! Hope this helps..