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 tracking spending, managing budgets, and ensuring accurate accounting. Businesses and individuals use transaction records to maintain transparency and accountability. They serve as proof of purchases or sales and can be crucial during audits or tax preparations. Common examples of transaction records include receipts, invoices, and bank statements, all of which help in monitoring financial activities over time.