Just to confirm what Noel said. BIAB does recognize well the chords in a MIDI file. I very often use this feature and it works fine.
It is a very powerful tool. But according to the overall quality of the MIDI file, the number/type of tracks,etc...BIAB may generate some erroneous chords. So, at the end of the process, the user has to check all the generated chords and changes some of them if required.

So do that, you need to get a minimum knowlegde of harmony.
My advice would be to get some basic skills on chords/harmony - on the net or in some books -
So, you'll get a better control over your music.

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