Question: "I'm expecting a rank 1 module that helps me capture the trace of certain endomorphism. In general, if we have a rank r module, I want to look at the characteristic polynomial and capture all its coefficients, is there a good way to do it, like the construction of ΛrM."
Answer: If $E$ is a finitely generated and projective $A$-module of constant rank $n$ with $A$ a commutative unital ring there is an open cover $U_i:=D(f_i)$ of $Spec(A)$ ($i=1,..,n$ with $(f_i)=(1)$ equal to the unit ideal) and where $E_i:=E_{f_i} \cong A_i^n:=A_{f_i}^n$. Let $g \in End_A(E)$ be an endomorphism. When you restrict $g$ to the open set $U_i$ you get an endomorphism $g_i$ of a free rank $n$ $A_i$-module $E_i$. You may define the "characteristic polynomial" $P_i(t)$ of $g_i$ and and by the "local nature" of this definition and from the fact that $P_i(t)$ is "independent of choice of basis", it follows $P_i(t)$ glue to a characteristic polynomial $P_g(t)$ of $g$. There is a global version of the Cayley-Hamilton theorem saying $P_g(g)=0$. You may write
$$P_g(t)=t^n+ a_1t^{n-1} 0 \cdots + a_{n-1}t + a_n $$
with $a_i \in A$. The coefficients $a_1,..,a_{n-1}$ of this polynomial are "polynomials in the trace" $a_1:=tr(g)$ and the coefficient $a_n:=det(g)$ is the "determinant". This follows from "the local nature of the construction". I believe you find this in the Bourbaki books on commutative algebra. The determinant $det(-)$ is multiplicative in the sense that for any two endomorphisms $g,h$ it follows
$$det(g \circ h)=det(g)det(h).$$
A proof of multiplicativity of $det(-)$ may go as follows: Since $U_i$ is an open cover of $S:=Spec(A)$ and since the determinant of the product of two $n \times n$ matrices $M,N$ over a commutative ring $k$ is multiplicative, the following holds:
$$(det(g \circ h)- det(g) det(h))_{U_i}=det(g_i \circ h_i) -det(g_i)det(h_i)=0,$$
since taking the determinant "commutes with restriction to the open set $U_i$". Since $U_i$ is an open cover of $S$ it follows
$$det(g \circ h)-det(g)det(h)=0$$
and the result follows.