By Reyna Chung - April 10 2018 14:32:05
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.
In some countries, it is obligatory for a business to provide a receipt to a customer confirming the details of a transaction. In most cases, the recipient of money provides the receipt, but in some cases the receipt is generated by the payer, as in the case of goods being returned for a refund. A receipt is not the same as an invoice.
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.
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