Yep. Convert the dates to date column. If you leave it to varchar, it will pose a problem if you need to for example order by date. It can be done with that also but you would need to convert the date anyway in the select.
The type of date in SQL standard is YYYY-MM-DD H:i:s so its ok and if you ever need to port to other database its no problem. If you want to be sure its standard, then use TIMESTAMP which certainly is a standard. Nowdays TIMESTAMP's format is the same as DATETIME.
To quickly transform your date field you can do this:
UPDATE `tbltranslog` SET Date=CONCAT(SUBSTRING(Date,7,4),'-',SUBSTRING(Date,1,2),'-',SUBSTRING(Date,4,2));
And after that change the type(if you need it to be TIMESTAMP then replace DATE with that):
ALTER TABLE `tbltranslog` CHANGE `Date` `Date` DATE NOT NULL DEFAULT '0000-00-00';
Then if you need that date in mm/dd/yyyy format, it can be done in your select query like this:
SELECT DATE_FORMAT(Date,'%m/%d/%Y') Date FROM tbltranslog;