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A receipt is a piece of paper or electronic document confirming that the seller received money from the purchaser. The receipt typically includes the date and a description of the item the purchaser bought. It also includes a description of the item the buyer purchased.
When the transaction is between two businesses, receipts contain information about the method of payment and the buyer.
It is an acknowledgment from the vendor to the buyer that the vendor has received payment for a good or service. In this context, the word ‘good’ means ‘product’.
Individuals, companies, and other organizations may issue a receipt for many kinds of payments. They may issue a receipt, for example, for an online bank transfer, check (UK: cheque), or cash in hand. For the buyer, the receipt is proof of payment. As far as the tax authorities are concerned, receipts require sellers to pay taxes on those sales.
Sources: https://marketbusinessnews.com/financial-glossary/receipt/
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