About receipt generator
A receipt is proof that a payment was made. It protects both the person paying and the person receiving.
What it should show
- Who paid and who received the money.
- The date, the amount and what it was for.
- The payment method and a reference such as a UPI transaction ID.
- A signature line for the receiver.
Keep records
Keep copies for your accounts. Many businesses keep records for several years for tax purposes.
A worked example
A tutor receives ₹4,500 in fees for March. The receipt shows the date, the student's name, the amount, 'Tuition fee for March', the payment mode (UPI) and a reference number, with the tutor's signature. Both sides keep a copy.
Good practice
- Issue a receipt as soon as money is received.
- Write the amount in words and figures.
- Keep receipts for as long as your accountant advises.
