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A General Receipt is a proof that money, goods, services or something of value has been received. In most cases, receipts are issued after the sale of goods or property or provision of services.
What distinguishes a receipt from an Invoice is that an invoice is a bill of charges which is issued before payment is made, while a receipt is issued after payment has been made.
This document is mostly used in transactions involving the sale of goods. However, it can also be used to acknowledge receipt of documents, goods, and money. This document outlines the particulars of the parties, the description of the goods or property received (if any), the payment received and payment mode (if applicable), etc.
This document can be used for any type of receipt. Depending on the choice of the party issuing the receipt, the document provides various forms of receipt such as: Monetary receipt, Document receipt, Goods receipt, or Services receipt. If none of these are the correct categorization, the document has an option for "Other", where the form filler can enter the details of the transaction underlying the receipt. However, this document can not be used as a Rent Receipt as the website provides a separate document for this purpose.
How to use this document
Here, the document requires the names and addresses of the sender and recipient of the receipt and the type of receipt. From there, additional details will be required about the transaction to help fill out the form.
After completing the document, the document should be signed by the person issuing the receipt. Then, one signed copy of the receipt will be delivered to the recipient of the receipt.
Both parties are expected to keep at least one signed copy of the receipt for record purposes.
If the recipient is legally required to collect sales tax or VAT from a customer or client, the amount must be added to the receipt and the collection will be made on to the relevant tax authority. The Value Added Tax (Amendment) Act and other relevant tax laws are applicable to this document.
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