A receipt is a document that acknowledges that a person has received money or property in payment following a sale or other transfer of goods or provision of a service. It is a written or electronic document stating that something of value has been transferred from one party to another. Receipts are used to document payments and business transactions, and companies and other entities use them to track their cash flows, reimburse eligible payments, or claim certain benefits on their taxes. In some countries, it is obligatory for a business to provide a receipt to a customer confirming the details of a transaction. 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. Receipts are also necessary for tax purposes as proof of particular expenses.
It is important to note that a receipt is not the same as an invoice. An invoice is a document that requests payment from a customer for goods or services that have been provided, whereas a receipt is a document that acknowledges payment has been received. Invoices are usually issued before payment has been received, while receipts are issued after payment has been made.
