The "Transaction Date" refers to the specific date when a financial transaction occurs. This date is crucial for record-keeping, as it marks when the exchange of goods, services, or money takes place. It helps both parties involved in the transaction to track their financial activities accurately. In accounting, the transaction date is essential for determining the timing of revenue recognition and expense reporting. It influences financial statements and can affect tax obligations. Accurate recording of the transaction date ensures compliance with regulations and provides a clear timeline for business operations and financial audits.