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What is the definition of "official receipt"?

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Quick Answer

Official receipts are hard copies of financial transactions used by businesses for tax and accounting purposes. These documents include the vendor's name, goods sold, purchase price, the date, receipt number and other pertinent information. Official receipts may be printed or handwritten as long as all information is included.

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What is the definition of "official receipt"?
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Full Answer

Businesses use receipts as official tax documents since they are proof of income received throughout the year. While invoices are used in accrual-based accounting methods, they are not used at tax time because invoices only indicate that money is owed and not that money has been received. Official receipts are used in cash-based accounting methods.

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