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Issue a receipt whenever you receive payment — whether cash, cheque, bank transfer, or UPI. It serves as proof of payment for both parties and is especially important for cash transactions that leave no digital trail.

No. An invoice requests payment (sent before receiving money). A receipt acknowledges payment (sent after receiving money). You may issue both: first an invoice, then a receipt once paid.

A receipt should include: receipt number, date, payer's name, amount received (in figures and words), payment method (cash/cheque/UPI/bank transfer), purpose of payment, reference number (cheque no. or transaction ID), and the receiver's signature or stamp.

In many jurisdictions, issuing receipts for payments above a threshold is legally required. In India, receipts for cash payments above ₹5,000 require a revenue stamp. Always issue receipts as a best practice for record-keeping.