Receipt
A receipt acknowledges that money or another payment has been received. It provides evidence of payment and helps both parties maintain and check their accounting records. The payer can retain the receipt and compare it with their own cash records as evidence for reconciliation.
Worked example
A business issues a receipt after receiving cash from a customer.
Common mistake
Treating a receipt as evidence that a new sale occurred at the payment date when the sale was already recorded on credit.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | F1 | Supporting | July 2027–August 2028 |
| ACCA | F2 | Supporting | July 2027–August 2028 |
| ACCA | FA | Direct | September 2026–June 2027 |
| ACCA | K1 | Direct | July 2027–August 2028 |
| FIA | FFA | Direct | September 2026–June 2027 |
Related terms
Also called: payment receipt