Transaction locking freezes all the transactions before the lock period. It can be used to lock modules such as Sales, Purchases, Banking, and Accountant.
On the other hand, record locking allows you to lock a particular transaction. Record locking is available only for invoices and credit notes.
Note: The Transaction locking and Record locking features are available only in specific editions. Please check the pricing page for more details.
Books
Online accounting software
for small businesses.