South Carolina requires a journal, diary, plan book, or something similar to record work. I'd recommend daily or weekly since it would be difficult to remember what a child has done at the end of each semester (unless you use textbooks for each subject).
I use an excel file, with each month having its own worksheet. Dates run down the A column, subjects run along the top (each subject has its own column), then I note what was done in each subject for each day. This serves as an attendence record, too (also required by SC law).
Grades or progress is documented in a bi-annual (every 90 days) progress report. You can can do a simple report card, or do a summary of what was learned in each subject area.
All of the above is discussed in more detail at http://www.carolinah....com/afaq7.html.
I hope this helps. Let me know if you have any other questions.