Explanation
Table Description automatically generated

Box 1: PARTITION
RANGE RIGHT FOR VALUES is used with PARTITION.
Part 2: [TransactionDateID]
Partition on the date column.
Example: Creating a RANGE RIGHT partition function on a datetime column The following partition function partitions a table or index into 12 partitions, one for each month of a year's worth of values in a datetime column.
CREATE PARTITION FUNCTION [myDateRangePF1] (datetime)
AS RANGE RIGHT FOR VALUES ('20030201', '20030301', '20030401',
'20030501', '20030601', '20030701', '20030801',
'20030901', '20031001', '20031101', '20031201');
Reference:
https://docs.microsoft.com/en-us/sql/t-sql/statements/create-partition-function-transact-sql