Most receipts require a basic set of information along with industry-dependent customization. What information should a receipt contain? Check with a lawyer before deciding not to offer a receipt during your sales process. While receipts make practical sense from a business perspective, you may be required by law to provide a receipt as proof of transaction, depending on where your business operates. You may also need to submit your receipts for tax purposes, to clarify discrepancies in your tax return, or to clear up any misunderstandings with the internal revenue service in the event of an audit. Because receipts are often itemized, it’s also possible to determine critical information about a sale - such as the identity of the payer - or how a payment should be allocated. Serving as both a proof of payment and a record of transacted goods means that this document is critical to your business operation. Your receipts are important documents for your business because they acknowledge that a transaction has taken place between your business and another party.
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