fbpx

Receipt

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
5 (1)

About the Author

Tammy

Tammy

"Business opportunities are like buses, there’s always another one coming." – Richard Branson

LEAVE A REPLY

Try now!