Meaning of Receipt

What is Receipt:

A receipt is a signed document that attests to a person's payment for a good or service received. Upon completion of the transaction, the customer keeps the original receipt and the seller keeps a copy for their records and control.

The receipts are, therefore, legal documents, which sanction the commercial relationship between the parties. However, they can be of two natures: public receipts and private receipts.

For a receipt to be valid, it must contain the following information:

  • place and date of issue;
  • client data;
  • concept of good or service received;
  • amount received (legal taxes included);
  • signature of the service provider.

However, there may be variants depending on the layout chosen by the individual or the issuing company.

Digital receipts

While it is true that receipts are usually printed on paper, digital receipts are gaining more space, especially now that there are software that allows security mechanisms to be established.

Thus, there are companies specialized in providing digital receipt services. At the same time, some governments have implemented a duly legalized public digital receipt service, in order to facilitate the administrative processes of the self-employed and normalize tax processes.

Differences between receipt and invoice

The receipt is a proof after payment of a service or product. For its part, the invoice is issued before payment, and it describes in detail the items and amounts to be collected.Both the receipt and the invoice are issued by the provider of the good or service.

See also Accounting.

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