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What is a Receipt ?

Receipt (Definition)

A receipt is a piece of paper or an electronic record that shows that simply shows a seller has received money from a purchaser. When a person or business buys something, they usually get a receipt showing what they bought, when they bought it, and how much. It can be used for goods or services and generally includes the following details:

  • Business name and business number
  • Date of supply
  • Product or service details
  • Price paid

Receipts are particularly important for businesses and individuals who pay cash for items that they then wish to include in their tax returns. It allows them to keep track of any cash purchases they may be able to claim (such as business meetings or supplies).

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