Transactions, for the most part between residents and non residents, consist of those involving goods, services and income; those involving financial claims on and liabilities to the rest of the world; and those classified as transfers, which involve offsetting entries to balance – in an accounting sense- one side transaction. A transaction itself is defined as an economic flow that reflects the creation, transformation exchange, transfer or extinction of economic value and involves changes in ownership of goods and/or financial assets, the provision of services, or the provision of labour and capital.