Question

mention the feature of receipt and payment account

Answer 1

Hi friend,

Here's your answer,

•RECEIPT:
A receipt is a written acknowledgment that a person has received money or property in payment following a sale or other transfer of goods or provision of a service. All receipt 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 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 wage withholding taxes. On the other hand, tips or other gratuities given by a customer, for example in a restaurant, would not form part of the payment amount or appear on the receipt.

•PAYMENT ACCOUNT:
A payment is the trade of value from one party (such as a person or company) to another for goods, or services, or to fulfill a legal obligation.

Payment can take a variety of forms. Barter, the exchange of one good or service for another, is a form of payment. The most common means of payment involve use of money, cheque, or debit, credit or bank transfers. Payments may also take complicated forms, such as stock issues or the transfer of anything of value or benefit to the parties. In US law, the payer is the party making a payment while the payee is the party receiving the payment. In trade, payments are frequently preceded by an invoice or bill.

Hope it helps!!!!