Receipt

Receipts are used to document payments and business transactions. Companies and other entities use receipts to track their cash flows, reimburse eligible payments, or claim certain benefits on their taxes.

➢ Receipts are an official record that represents proof of a financial transaction or purchase.

➢ Receipts are issued in business-to-business dealings.

➢ Receipts are also necessary for tax purposes as proof of certain expenses.

➢ In accounting, receipts can also refer to the total cash inflows over a specific period.

➢ A typical receipt states the time and value of a transaction and may also include information on the type of service or product being provided, the method of payment, and any additional taxes or fees.