Receipt

A receipt is a written document triggered by the receipt of something of value from a third party. This document acknowledges that the item has been received, and may contain the following information:

  • The date of the transfer

  • A description of the item received

  • The amount paid for the item

  • Any sales tax charged as part of the transfer

  • The form of payment used (such as with cash or a credit card)

Receipts are usually associated with the delivery of goods or services from a supplier. They can be used for several reasons, including the following:

  • To document the transfer of ownership to the buyer

  • As a control, so that the buyer has proof of the amount paid

  • To form the basis for an accounting entry to record the underlying transaction

  • To document ownership for insurance purposes

  • As proof of delivery from the supplier, in case goods are returned under warranty

  • To provide evidence that a sales tax was paid as part of the transaction, so that the buyer is not liable to pay a use tax

A receipt may be automatically generated by the seller (such as by a cash register). Or, under more informal or low-volume circumstances, a receipt may be produced manually.