What is a receipt?
A receipt is a written document stating that particular products or services have been traded between 2 parties by a type of payment method. A receipt is often issued after a payment between a seller and individual buyer, as well as from business to business.
A receipt is often misunderstood with an invoice. While a receipt indicates a completed sale, an invoice demonstrates only a partial transaction. An invoice is often issued before payment and used in the service industry when paying the bill is only preferred once the service is completed.
Types of receipt
- Register tape: This type of receipt can be printed and tore off easily, which is often used in customer-facing situations, such as in grocery or fashion stores.
- Handwritten carbons: They are more suitable for the service industry or impromptu sales, such as for landlords who need a tenant’s rent payment.
- Packing slips: They are often used for delivery items rather than selling in offline stores. They contain a list of items, their price, the seller’s contact information, and sometimes a return label. Packing slips are included in the delivered package.
There are also other categories of receipts based on the format they take. They are printed and digital receipts. A printed receipt is suitable for short-term situations (such as keeping a grocery list for the month or restaurant meals). Meanwhile, a digital receipt fits the long-term situations more, namely for big purchases. Compared to the printed version, digital receipts can be stored in a cloud service without losses over time and are more environmentally friendly.
What needs to be included in the receipt?
A typical receipt contains some crucial information, namely but not limited to:
- The name, quantity, and price of the purchased product/ service
- The amount of tax and the total price including tax
- The date, time, and address of the transaction
- Contact information of the seller and the staff who conducts the sale