By Viola Woods - March 13 2018 19:35:40
There is usually no set form for a receipt, such as a requirement that it be machine generated. Many point-of-sale terminals or cash registers can automatically produce receipts. Receipts may also be generated by accounting systems, be manually produced or generated electronically, for example if there is not a face-to-face transaction. To reduce the cost of postage and processing, many businesses do not mail receipts to customers, unless specifically requested or required by law, with some transmitting them electronically. Others, to reduce time and paper, may endorse an invoice, account or statement as "paid".
Organizing receipts and similar financial documents is a multi-million dollar industry in the United States. Consumers can use both desktop and online software to organize electronic receipts; sometimes, receipts are sent digitally from point of sale devices directly to consumers. The growing trend of digital receipts has led to the launch of new businesses focused on digital receipt management. Analytics predict a steady decline in the popularity of traditional paperwork in the near future, as entrepreneurs now seem to almost completely switch to online document-management software.
When you receive a payment from a customer, especially if the payment is in cash, you may be asked to provide a receipt. A receipt could be just a statement written out by hand or torn out of a receipt book that you purchase from your office supply company. But, you can also create and print your own customized receipt forms using our free receipt templates.
A receipt is a written acknowledgment that a person has received money or property in payment following a sale or other transfer of goods or provision of a service. All receipt must have the date of purchase on them. If the recipient of the payment is legally required to collect sales tax or VAT from the customer, the amount would be added to the receipt and the collection would be deemed to have been on behalf of the relevant tax authority. In many countries, a retailer is required to include the sales tax or VAT in the displayed price of goods sold, from which the tax amount would be calculated at point of sale and remitted to the tax authorities in due course. Similarly, amounts may be deducted from amounts payable, as in the case of wage withholding taxes. On the other hand, tips or other gratuities given by a customer, for example in a restaurant, would not form part of the payment amount or appear on the receipt.
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