When is a general receipt to be used?

A General Receipt is a document that acts as proof of an exchange between two parties.
You typically receive one when you buy a good from a store. It includes the names of the individuals or entities involved in the transaction, the date the transaction occurred, a description of the goods or services exchanges, the amount paid and the payment method.
This article gives examples of when a receipt should and shouldn’t be used.

When to Use a General Receipt 

• Completed Transaction – A general receipt should be used when goods or services have been received and payment has been paid.
• Collection of Partial Payment – If a partial payment is received for a debt, a receipt should indicate all of the typical information plus the outstanding amount due. You should also have a loan agreement or promissory note to accompany a debt.
• Credit Card Transactions – Credit card machines automatically provide a receipt which is usually signed by the buyer’s signature or validated with a pin.
• Cash Registers – Every cash register should be equipped with the ability to print a general receipt.
• iPayments – In cases where a physical receipt is not printed because money is exchanged over the internet, a general receipt should be created to indicate proof of purchase.

When NOT to Use a General Receipt 

• Invoicing – An invoice does not represent a completed payment. It indicates only that a product was delivered or a service was completed; general receipts are used to document payment.
• Rent – When receiving rent, a rent receipt should be used as proof of payment rather than a general receipt.
• Salary – While payroll is a payment in exchange for labor, it requires a payroll summary outlining hours worked, overtime, taxes, etc.

To build your own general receipt, check out this template.