![]() ![]() The main difference is a receipt is only given after payment has been made and an invoice is a demand for payment.Ī receipt is made after a transaction has occurred that details the price of the goods or services along with any taxes, discounts, shipping fees, or other line items. Source: IRS – How long should I keep records? Receipt vs Invoice ![]() If a business claimed a loss for any tax year, then the receipts for that year must be kept for seven (7) years. Description of the service or goods andĪccording to the IRS, a business should keep their receipts for three (3) years.A standard receipt will include the following transaction details: Table of Contentsĭownload: Adobe PDF, MS Word, OpenDocumentĪ receipt is a written record of a transaction between two (2) or more parties. A receipt is commonly issued after an invoice has been paid, especially for cash payments. A receipt is an acknowledgment of a payment received and includes the transaction details.
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