A receipt (also known as a packing list , packing slip , packaging slip , (delivery) docket , shipping list , delivery list , bill of the parcel , manifest , or customer receipt ) is a document acknowledging that a person has received money or property in payment following a sale or other transfer of goods or provision of a service. All receipts must have the date of purchase on them. If the recipient of the payment is legally required to collect sales tax or VAT from the customer, the amount would be added to the receipt, and the collection would be deemed to have been on behalf of the relevant tax authority. In many countries, a retailer is required to include the sales tax or VAT in the displayed price of goods sold, from which the tax amount would be calculated at the point of sale and remitted to the tax authorities in due course. Similarly, amounts may be deducted from amounts payable, as in the case of taxes withheld from wages. On the other hand, tips or other gratuities that are given by a customer, for example in a restaurant, would not form part of the payment amount or appear on the receipt.
48-648: In some countries, it is obligatory for a business to provide a receipt to a customer confirming the details of a transaction. In most cases, the recipient of money provides the receipt, but in some cases, the receipt is generated by the payer, as in the case of goods being returned for a refund. A receipt is not the same as an invoice . There is usually no set form for a receipt, such as a requirement that it be machine-generated. Many point-of-sale terminals or cash registers can automatically produce receipts. Receipts may also be generated by accounting systems, be manually produced, or generated electronically, for example, if there
96-444: A commercial document issued by a seller to a buyer relating to a sale transaction and indicating the products , quantities, and agreed-upon prices for products or services the seller had provided the buyer. Payment terms are usually stated on the invoice. These may specify that the buyer has a maximum number of days to pay and is sometimes offered a discount if paid before the due date. The buyer could have already paid for
144-426: A barcode of the receipt identification number, which enables a salesperson to scan the barcode and quickly retrieve the details of the original transaction, for example: if a customer seeks to return or exchange goods or there is some other query. If linked to a customer shop account, some retailers' point-of-sale systems also allow the salesperson to see a complete record of the customer's buying history. A receipt (or
192-413: A copy of a receipt) is the proof of purchase usually needed to make a return and often plays a vital part in a company's return and exchange policy. An invoice is sent to the person responsible for payment , while the shipping list (or packing slip) is included with the recipient’s shipment. The shipping list is included in the shipped box. In some scenarios, the same person will pay the bill and receive
240-508: A country and the rest of the world is called foreign or international trade , which consists of import trade and export trade, both being wholesale in general. Commerce not only includes trade as defined above, but also the auxiliary services or aids to trade and means that facilitate such trade. Auxiliary services aid trade by providing services which such as transportation , communication , warehousing , insurance , banking , credit financing to companies, advertising , packaging , and
288-713: A country. International commerce can be regulated by bilateral treaties between countries. After the second world war and the rise of free trade among nations, multilateral arrangements such as the GATT and later the World Trade Organization became the principal systems regulating global commerce. The International Chamber of Commerce (ICC) is another important organization which sets rules and resolves disputes in international commerce. Where national government bodies undertake commercial activity with or inside other states, this commercial activity may fall outside
336-498: A general sense, business is the activity of earning money and making one's living through engaging in commerce. However, in a more specific sense, a business is an organization or activity for making a profit by providing goods and services which meet the needs of its customers or consumers. Business organizations typically operate in the primary (dealing with the extraction and sourcing of raw materials) and secondary (dealing with manufacturing intermediate or finished goods) sectors of
384-425: A meal. The salesperson would indicate to the customer (whether by way of an invoice or otherwise) the total amount payable, and the customer would indicate the proposed method of payment of the amount. Payment in cash is regarded as payment of the amount tendered, but payment by store account is not. After processing the payment, the salesperson would then generate in one document an invoice and receipt. If payment
432-505: A process in place for approving payment of invoices based on an employee's confirmation that the goods or services have been received. Typically, when paying an invoice, a remittance advice will be sent to the supplier to inform them their invoice has been paid. Non-payment and late payment of invoices is estimated to be the cause of 25% of corporate bankruptcies. To mitigate this, the European Commission has introduced
480-488: A transaction and the shop and other information so that the tax authority can check that sales and related taxes are not being hidden. The document may also include messages from the retailer, warranty or return details, special offers, advertisements, or coupons , but these are merely promotional and not part of the formal receipt. Receipts may also be provided for non-retail operations such as banking transactions. Shops that use barcode readers may generate receipts with
528-681: A wider variety of goods and services, and encourages innovation and competition for better products . On the other hand, commerce can worsen economic inequality by concentrating wealth (and power ) into the hands of a small number of individuals , and by prioritizing short-term profit over long-term sustainability and ethical , social , and environmental considerations, leading to environmental degradation , labor exploitation and disregard for consumer safety . Unregulated, it can lead to excessive consumption (generating undesirable waste ) and unsustainable exploitation of nature (causing resource depletion ). Harnessing commerce's benefits for
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#1732765712021576-464: Is a multimillion-dollar industry in the United States. Consumers can use both desktop and online software to organize electronic receipts; sometimes, receipts are sent digitally from point of sale devices directly to consumers. The growing trend of digital receipts has led to the launch of new businesses focused on digital receipt management. Invoice An invoice , bill or tab is
624-481: Is a part of commerce and commerce is an aspect of business. Historian Peter Watson and Ramesh Manickam date the history of long-distance commerce from circa 150,000 years ago. In historic times, the introduction of currency as a standardized money facilitated the exchange of goods and services. Commerce was a costly endeavor in the antiquities because of the risky nature of transportation, which restricted it to local markets. Commerce then expanded along with
672-869: Is a standard that was developed in the Czech Republic as a universal format for electronic invoices. On 16 October 2008, 14 companies and the Czech government signed a declaration to use this format within one year in their products. After implantation of the Goods and Services Tax (GST) in India, concept of e-invoicing has been introduced for businesses with a turnover of more than Rs 5 crore from 1 August 2023. Now reporting of Business to Business (B2B) invoices for notified category of taxpayer. As of 2022, Business to Consumer (B2C) invoices are exempt from e-invoicing. Organizations purchasing goods and services usually have
720-409: Is missing or shipped in error, they alert the seller. In Carlos Soto Sau v AP Moller-Maersk AS , a packing list for a fish shipment included a reference to a "rejection clause", which could have been treated as a reference to terms and conditions applicable to the contract of sale, but the person who received the packing list saw its only purpose as being "to confirm the number of cartons and weight of
768-403: Is no face-to-face transaction. To reduce the cost of postage and processing, many businesses do not mail receipts to customers unless specifically requested or required by law, with some transmitting them electronically. Others, to reduce time and paper, may endorse an invoice, account, or statement as "paid". The practice in most shops at the point of sale is for a salesperson to scan or record
816-437: Is not concerned with the extraction of raw materials and the manufacturing of goods. Viewed in this way, commerce is a broader concept and an overall, all-encompassing aspect of business. Commerce provides the underlying large-scale transactional environment comprising all kinds of exchanges within which individual business organizations operate for generating profits. Commerce is distinguishable from trade as well. Trade
864-579: Is the cross industry invoice under development by the United Nations standards body UN/CEFACT and the other is Universal Business Language (UBL) which is issued by Organization for the Advancement of Structured Information Standards (OASIS). Implementations of invoices based on UBL are common, most importantly in the public sector in Denmark as it was the first country where the use of UBL
912-412: Is the transaction (buying and selling) of goods and services that makes a profit for the seller and satisfies the want or need of the buyer. When trade is carried out within a country, it is called home or domestic trade , which can be wholesale or retail . A wholesaler buys from the producer in bulk and sells to the retailer who then sells again to the final consumer in smaller quantities. Trade between
960-649: The European Union legislation was passed in 2010 in the form of directive 2010/45/EU to facilitate the growth of Electronic Invoicing across all its member states. This legislation caters for varying VAT and inter-country invoicing requirements within the EU, in addition to legislating for the authenticity and integrity of invoices being sent electronically. It is estimated that in 2011 alone roughly 5 million EU businesses will have sent Electronic Invoices. The XML message format for electronic invoices has been used since
1008-475: The European Union ) or coalitions (like BRICS ) leading to its reconfiguration. The English-language word commerce has been derived from the Latin word commercium , from com ("together") and merx ("merchandise"). Despite many similarities (to the extent that they are sometimes used as synonyms in layman's terms and in other contexts), commerce, business and trade are distinct concepts. In
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#17327657120211056-478: The Industrial Revolution fundamentally reshaped commerce. In the post-colonial 20th century, free market principles gained ground, multinational corporations and consumer economies thrived in U.S.-led capitalist countries and free trade agreements (like GATT and WTO ) emerged, whereas communist economies encountered trade restrictions , limiting consumer choice . Furthermore, in
1104-694: The UNECE Committee on Trade, which involves a more detailed description of the logistics aspect of merchandise and, therefore may be convenient for international logistics and customs procedures. There are different types of invoices: Some invoices are no longer paper-based, but rather transmitted electronically over the Internet. It is still common for electronic remittance or invoicing to be printed in order to maintain paper records. Standards for electronic invoicing vary widely from country to country. Electronic Data Interchange (EDI) standards such as
1152-426: The 15th to the early 20th century, European colonial powers dominated global commerce on an unprecedented scale, giving rise to maritime trade empires with their powerful colonial trade companies (e.g., Dutch East India Company and British East India Company ) and ushering in an unprecedented global exchange (see Columbian exchange ). In the 19th century, modern banking and related international markets along with
1200-587: The European Union), workshop CEN/BII, for public procurement in Europe. The result of that work is PEPPOL . There UBL procurement documents are implemented between various European countries. An agreement was made between UBL and UN/CEFACT for convergence of the two XML messages standards with the objective of merging the two standards into one before end of 2009, including the provision of an upgrade path for implementations started in either standard. ISDOC
1248-534: The Late Payment Directive that sets a limit on businesses to settle their invoices within 60 days. Commerce Commerce is the large-scale organized system of activities, functions, procedures and institutions that directly or indirectly contribute to the smooth, unhindered distribution and transfer of goods and services on a substantial scale and at the right time, place, quantity, quality and price through various channels from
1296-629: The United Nation's EDIFACT standard include message encoding guidelines for electronic invoices. The EDIFACT is followed up in the UN/CEFACT ebXML syntax cross industry invoice. The United Nations standard for electronic invoices ("INVOIC") includes standard codes for transmitting header information (common to the entire invoice) and codes for transmitting details for each of the line items (products or services). The "INVOIC" standard can also be used to transmit credit and debit memos. In
1344-411: The economy and their goal is to sell raw materials or manufactured goods for profit. In the tertiary sector , businesses sell services for profit. Commerce, in contrast to the concept of business discussed above, deals with the movement and distribution of raw materials as well as finished or intermediate (but valuable) goods and services from the manufacturers to the end customers on a large scale. It
1392-712: The entire supply chain . Trade is the exchange of goods (including raw materials , intermediate and finished goods ) and services between buyers and sellers in return for an agreed-upon price at traditional (or online ) marketplaces . It is categorized into domestic trade , including retail and wholesale as well as local, regional, inter-regional and international/foreign trade (encompassing import , export and entrepôt/re-export trades). The exchange of currencies (in foreign exchange markets ), commodities (in commodity markets /exchanges) and securities and derivatives (in stock exchanges and financial markets ) in specialized exchange markets also falls under
1440-597: The goods" and, as no issues of ownership were alerted to him, the court held that he was entitled to use the packing list in this way. Hand-written or hand-completed receipts are more often used for infrequent or irregular transactions, or for transactions conducted in the absence of a terminal, cash register or point of sale: for example, as provided by a landlord to a tenant to record the receipt of rent. They can also be required when company representatives buy goods, because tax deduction rules might require hand signed receipts. Organizing receipts and similar financial documents
1488-410: The grand total amount due. The invoice often concludes with standardized elements or other information not included in the pre-body. This structured format serves various functions, including billing, accounting, auditing, and, in cases of disagreement, legal evidence for dispute resolution. Header Body Footer In countries where wire transfer is the preferred method of settling debts,
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1536-540: The improvement of transportation systems over time. In the Middle Ages, long-distance and large-scale commerce was still limited within continents. Banking systems developed in medieval Europe, facilitating financial transactions across national boundaries. Markets became a feature of town life, and were regulated by town authorities. With the advent of the age of exploration and oceangoing ships, commerce took an international, trans-continental stature. Currently
1584-576: The inception of XML in 1998. Open Application Group Integration Specification (OAGIS) has included an invoice since 2001. The Open Applications Group (OAGi) has a working relationship with UN/CEFACT where OAGi and its members participate in defining many of the Technology and Methodology specifications. OAGi also includes support for these Technology and Methodology specifications within OAGIS. There are two XML-based standards currently being developed. One
1632-512: The mid-20th century, the adoption of standardized shipping containers facilitated seamless and efficient intermodal freight transport , leading to a surge in international trade. By the century's end, developing countries saw their share in world trade rise from a quarter to a third. 21st century commerce is increasingly technology-driven (see e-commerce ), globalized , intricately regulated , ethically responsible and sustainability -focused, with multilateral economic integrations (like
1680-445: The original producers to the final consumers within local, regional, national or international economies. The diversity in the distribution of natural resources , differences of human needs and wants , and division of labour along with comparative advantage are the principal factors that give rise to commercial exchanges. Commerce consists of trade and aids to trade (i.e. auxiliary commercial services) taking place along
1728-423: The parties involved (e.g. buyer and seller) and important dates such as when payment must be received. The main body of the invoice provides an itemized list of goods or services rendered, specifying descriptions, unit prices, quantities, and total prices for each line item. Additional financial elements like taxes , shipping charges , and discounts are separately enumerated and added to the subtotal to calculate
1776-408: The price of a customer's proposed purchases, including tax, discounts , credits, and other adjustments. In traditional situations and still in some family businesses today, the salesperson would then show the customer the summary, the invoice, for their agreement; but many shops today bypass this stage. The practice of presenting an invoice is most common in restaurants where a "bill" is presented after
1824-449: The printed bill will contain the bank account number of the creditor and usually a reference code to be passed along with the transaction identifying the payer. The European Union requires a VAT (value-added tax) identification number for official VAT invoices, which all VAT-registered businesses are required to issue to their customers. In the UK, this number may be omitted on invoices if
1872-415: The products or services listed on the invoice. To avoid confusion and consequent unnecessary communications from buyer to seller, some sellers clearly state in large and capital letters on an invoice whether it has already been paid. From a seller's point of view, an invoice is a sales invoice . From a buyer's point of view, an invoice is a purchase invoice . The document indicates the buyer and seller, but
1920-625: The reliability of international trans-oceanic shipping and mailing systems and the facility of the Internet has made commerce possible between cities, regions and countries situated anywhere in the world. In the 21st century, Internet-based electronic commerce (where financial information is transferred over Internet), and its subcategories such as wireless mobile commerce and social network -based social commerce have been and continue to get adopted widely. Legislative bodies and ministries or ministerial departments of commerce regulate, promote and manage domestic and foreign commercial activities within
1968-468: The services of commercial agents and agencies. In other words, commerce encompasses a wide array of political, economical, technological, logistical, legal, regulatory, social and cultural aspects of trade on a large scale. From a marketing perspective, commerce creates time and place utility by making goods and services available to the customers at the right place and at the right time by changing their location or placement. Described in this manner, trade
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2016-499: The shipment. However, someone may purchase and pay for a product to be delivered to another person (e.g., as a gift). Shipping or packing lists vary depending on the business and its products. Every shipment to a customer should contain a shipping or packing list with the order date, the products included, and the quantity of each product. Some businesses may include the weight of each product. Many recipients use them as checklists when unpacking their shipments. If something they ordered
2064-566: The society while mitigating its drawbacks remains vital for policymakers , businesses and other stakeholders . Commerce traces its origins to ancient localized barter systems, leading to the establishment of periodic marketplaces, and culminating in the development of currencies for efficient trade. In medieval times, trade routes (like the Silk Road ) with pivotal commercial hubs (like Venice ) connected regions and continents, enabling long-distance trade and cultural exchange . From
2112-405: The term invoice indicates money is owed or owing. Invoices appear as one of the very earliest manifestations of written records in ancient Mesopotamia . The typical format of an invoice starts with a header prominently featuring the term "Invoice". This is usually followed by information needed to establish the context of the transactions such as the name, address, and contact information of
2160-1414: The umbrella of trade. On the other hand, auxiliary commercial activities (aids to trade) which can facilitate trade include commercial intermediaries , banking , credit financing and related services, transportation , packaging , warehousing , communication , advertising and insurance . Their purpose is to remove hindrances related to direct personal contact, payments , savings , funding , separation of place and time, product protection and preservation, knowledge and risk . The broader framework of commerce incorporates additional elements and factors such as laws and regulations (including intellectual property rights and antitrust laws ), policies , tariffs and trade barriers , consumers and consumer trends , producers and production strategies, supply chains and their management , financial transactions for ordinary and extraordinary business activities, market dynamics (including supply and demand ), technological innovation , competition and entrepreneurship , trade agreements , multinational corporations and small and medium-sized enterprisess (SMEs), and macroeconomic factors (like economic stability ). Commerce drives economic growth , development and prosperity , promotes regional and international interdependence , fosters cultural exchange , creates jobs , improves people's standard of living by giving them access to
2208-454: The words "this is not a VAT invoice" are present on the invoice. Such an invoice is called a pro-forma invoice , and is not an adequate substitute for a full VAT invoice for VAT-registered customers. In Canada, the registration number for GST purposes must be furnished for all supplies over $ 30 made by a registered supplier in order to claim input tax credits. Recommendations about invoices used in international trade are also provided by
2256-405: Was made by a payment card , a payment record would normally also be generated. The invoice and receipt are the printed record of the transaction and are legal documents. A copy of these documents would normally be handed to the customer, though this step may be dispensed with. In many countries, a retailer may be under a legal obligation to provide a receipt to a customer which shows the details of
2304-727: Was mandated by law for all invoices in the public sector. Further implementations are underway in the Scandinavian countries as result of the North European Subset project. Implementations are also underway in Italy , Spain , and the Netherlands (UBL 2.0) and with the European Commission itself. The NES work has been transferred to European Committee for Standardization (CEN), the standards body of
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