> For the complete documentation index, see [llms.txt](https://docs.squads.so/squads-v3-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.squads.so/squads-v3-docs/development/anchor-idl/transactions.md).

# Transactions

Multisigs interact with the ecosystem via transactions. Transactions created for the multisig to act upon will have the following states: Draft, Active, ExecuteReady, Executed, Rejected, or Cancelled.

Each Transaction is ultimately executed by an authority PDA derived from the multisig. A transaction, regardless of how many instructions are attached to it, can only represent a single authority. Transactions are limited to having a maximum of 255 instructions.