Transaction logs track each phase of message processing, detailing actions involved with executing each SMTP protocol command. The logs track when messages are sent, by whom, from where, and additional details associated with transmission. You can choose which logging format Microsoft SMTP Service uses for recording information.
When setting up a log file, remember that the log formats and default file names are the same as those used by other Internet Information Server (IIS) services. If you choose the default names, all transactions for all services are recorded in the same file. You can set up a separate file for each service if you want to maintain separate records. If you set up the file in a different location from the default, be sure it is stored on a local drive, not on a network.
Note Transaction logging is available in Internet Service Manager, but not Internet Service Manager (HTML).
For detailed information about transaction logging and formats, see Monitoring Message Transactions.