Is it possible to track customer contact history?

Is it possible to track customer contact history?

I can't see where we can track contact history and sales history for accounts. There seems to be nothing in the account section, nor the contacts section.

I know it's possible to place an text area in each section to manually enter comments, but that's not the same as tracking activity with the prospect or actual sales by account.

Somebody please correct me if I'm wrong. These are basic CRM functions and are needed.

Thanks.