Meaning of Receipt (What is, Concept and Definition)

What is a Receipt:

A receipt is a signed document that attests to the payment of a person for a good or service received.Upon completing the transaction, the customer keeps the original receipt and the seller keeps a copy for his files 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 consist of the following information:

• place and date of issue;
• customer data;
• concept of good or service received;
• amount received (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 normally The receipts are printed on paper, each time they gain more space digital receipts, especially now that there are softwares that allow security mechanisms to be established.

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

Differences between receipt and invoice

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

See also Accounting.