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TRANSACTION  (Preferred term)

The smallest unit of business activity.

A transaction should be activity-based rather than subject- or topic-based. A transaction provides the basis for identifying, in detail, the records that meet the business needs of the organisation. Depending on the complexity of an organisation's business activities, it may be necessary to group transactions on the basis of their similarities or to further dissect this level to obtain an appropriate degree of specificity for the organisation's recordkeeping purposes.

A particular instance in the performance of an activity.

In some cases, the term transaction is used to cover a class of transactions that occur in the performance of an activity.

Source: National Archives of Australia - Glossary of records management terms