A receipt is a document that acknowledges that something of value has been transferred from one person to another.

Receipts are not only issued by vendors and service providers to consumers but also in business-to-business transactions and stock exchange transactions. 

Receipts are important for more than just proving ownership. Many retailers require customers to show a receipt to exchange or return items while others need receipts—generally issued within a certain period of time—for warranty claims.

Receipts are also important for tax preparation purposes since the IRS requires documentation of certain expenses.