Transaction records are detailed documents that capture the specifics of a financial exchange. They typically include information such as the date, amount, and parties involved in the transaction. These records are essential for maintaining accurate financial accounts and can be used for auditing purposes or to resolve disputes. In business, transaction records can take various forms, including receipts, invoices, and bank statements. They help organizations track their income and expenses, ensuring compliance with regulations and providing insights into financial performance. Proper management of these records is crucial for effective financial planning and decision-making.