A transaction is an action that affects an organisation’s current financial position or net worth through normal activity. Transactional actions can take place in many different ways and establishments.
Exchanging money for goods or services between a business and a consumer is one of the most common transactions, but there are many other kinds. For example transactions occurring in a bank can be advancing funds or transferring money. A transaction can also take place in a company, known as intercompany transactions, which transact dividends, assets, borrowing and lending. Companies can also make petty cash transactions when purchasing low cost items. A transaction can even occur when people converse, known as transactional communication.
An arm’s length transaction occurs when two strangers take part in a transaction with their individual interests in mind and do not hold a relationship that may affect the value of the transaction. Related party transactions, opposed to arms length transactions, occur when a transaction takes place between two people who have an existing relationship or history.
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