Record Access is deprecated in favor of Object Access.
The record access functionality makes it is possible to filter records the users have access to in a specific table. For example a salesman in Denmark will only have access to Danish companies while a salesman in Sweden will only have access to Swedish companies. These days the same can be achieved using Object Access.
More information about Record Access is available on the CRM Docs Wiki.
If you need to run both object- and record access see compatability with object access. Also make sure to disable blacklisting of tables in webclient.