before to use reference of an "id", this "id" must be defined, then action id used in your menu is not action_123 but action_daily_transaction.

The action must defined before the menu having action action_daily_transaction.

see:

<?xml version="1.0" encoding="utf-8"?>

<openerp>

<data>

<record id="view_daily_transaction_tree" model="ir.ui.view">

<field name="name">daily.transaction_tree</field>

<field name="model">daily.transaction</field>

<field name="arch" type="xml">

<tree string="ANY NAME">

<field name= 'date'/>

</tree>

</field>

</record>

<record id="view_daily_tansaction_form" model="ir.ui.view">

<field name="name">dail.transaction_form</field>

<field name="model">daily.transaction</field>

<field name="arch" type="xml">

<form string="Form View Name" version="7.0">

<field name="note"/>

<field name="type"/>

</form>

</field>

</record>

<record id="action_daily_transaction" model="ir.actions.act_window">

<field name="name">Daily Transaction</field>

<field name="res_model">daily.transaction</field>

<field name="view_type">form</field>

<field name="view_mode">tree,form</field>

</record>

<menuitem id="menu_daily_transaction_root" name="Daily Transaction" parent= "base.daily_transaction_root" sequence="1" />

<menuitem id="daily_transaction" name= "Menu 2" parent= "menu_daily_transaction_root"/>

<menuitem action="action_daily_transaction" id="action_daily_transaction" parent="menu_daily_transaction_root"

sequence="20"/>

</data>

</openerp>

 .