On one hand, it gives an idea of how much money was paid and who received it for what purpose whereas on the other hand, it secures the party who paid it by being legal evidence that the other party has in fact received the payment and can’t claim there is any amount due in the future. Whether we talk about taxation purposes or we just focus on the importance of keeping a record of each transaction being made with the company’s account, there are basically endless important aspects of cash payment receipts. But everything changes when some amount is transferred from one company to another. When you think of money being transferred from one person to another, it’s not complicated most of the time. 2.7 Guidelines for Creating a Cash Receipt: Importance of Cash Payment Receipt:Īs described above that a cash payment receipt is a legal document that proves there was a monetary transaction between two parties.
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