I recall reading about recording multiple inputs, I am having some challenges with this. I am trying to record two mics, (guitar and vocal through my Steinberg UR242). It records not only onto one stereo track but each mic/instrument is separated, panned fully right and left. Is there a way to record each onto their own track simultaneously?

Yes, make 2 new tracks and use the '>>>IN' button on each to select the input channel each one is mapped to, and Arm them both. Try it on empty new tracks because once a track is stereo, it can't be armed for mono and vice versa.

This will record 2 mono tracks with full independent control over the panning, in perfect sample accurate synchronization.