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A receipt is considered a confirmation of payment received for goods or services and it details the transaction and other relevant information. It’s the final proof of payment - especially cash transactions where there would be no additional paper trail to back up any claims made. Keep in mind that an invoice and a receipt are different and can be used together.
A receipt, at its most basic level, is a documented record of the transaction between two or more people. It can be individuals or businesses. Usually, receipts include a variation of the information below.
The date of the transaction
The amount paid
How it was paid (cash, credit, ACH, etc.)
Description of goods/services
Receipt number
This is generally what you’ll see on the receipt from a retail store. Some receipts also include:
Who accepted the payment (the specific person)
Who made the payment
Discounts applied (if any)
The IRS recommends that a business should keep its receipts for three years. In the event that a business claims a loss for the tax year then the IRS recommends keeping those receipts for seven years. For individuals, it’s good practice to keep receipts for the same amount of time as businesses.
Receipts and invoices are often interchanged by people but they’re two different instruments with different use cases.
Receipts are given after payment has been made and confirmed
Invoices are issued before payment is made and is considered a demand for payment
A receipt, as mentioned earlier, is made after a transaction has happened and details the price of the goods/services, taxes, additional fees, date, and any other line relevant line items.
Many receipts, like the ones produced from a cash register, are created automatically using a simple printing process. Not all transactions lend themselves to this and the fastest way to make a receipt without a cash register is to download templates like the one on this page or use our document generation questionnaire wizard.
How to scan a receipt
Generally speaking, there are two ways to scan a receipt.
Using a mobile phone app (or even just your camera)
This is the fastest method to scan and save a receipt and there are many mobile apps that handle this task. Just open your favorite search engine and type in “receipt scanner app.”
A traditional physical scanner
Previously, scanners were bulky contraptions that only existed in business offices. Today, most quality printers come with a scanner that you can use for your receipts.
First, download our receipt template below. Conversely, you can simply use the receipt generation wizard and fill out the relevant fields.
As mentioned previously, certain information must be filled out on the receipt.
Transaction date
Receipt number
The amount paid
Description of the transaction
Seller name
Buyer name
The payment method used
Check number (if it applies)
Credit card information (if it’s applicable - last four digits and expiry date are fine)
Sign
Sample Receipt
