Receipt Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Receipt, written in plain English, along with examples of how it is used.
What is Receipt?
(n) A receipt is defined as the signed document acknowledging the acceptance of the money, goods, articles or services etc.
History and Meaning of Receipt
Receipts have been around since ancient times, though the format and mode of receipt-keeping have changed. In the past, receipts were handwritten or engraved on clay, stone or metal objects, which were then given to the customers or clients as proof of ownership or purchase. A few thousand years later, receipts became more sophisticated and were written on papyrus or parchment.
In the modern world, receipts are used widely in businesses, and they are often electronic. The most common use of receipts is to provide proof of purchase, whether in-store or online. In many countries, businesses are legally required to issue a receipt if demanded by the customer. This is to give evidence of transactions for legal and tax purposes.
Examples of Receipt
- When John purchased a new phone from a store, he was asked for his phone number and email address to send an electronic receipt.
- Maria received a receipt after paying for her groceries from the supermarket cashier.
- Mark lost his original receipt, but he provided his credit card statement to prove that he had indeed paid for the product.
- The shop owner couldn't provide a proper receipt for the customer, making them both unhappy.
- A huge discount was offered to customers who produced a valid receipt for their previous purchases.
Legal Terms Similar to Receipt
- Invoice - an itemized bill prepared by the seller, detailing the products sold and the amounts owed.
- Settlement Sheet - a document summarizing the financial transactions between two parties.
- Voucher - evidence of expenditure, often supplied by an employee, detailing how they have spent any funds that were provided to them.