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.