A receipt is basically a written record that a transaction took place. For traders, it means a physical record for accounting purposes in case computer or other records go missing, or if an audit is needed.

For both traders and consumers it is a way of verifying what took place in case a dispute occurs. For this reason, it is important that receipts contain the following information:

• The trader’s name, address and phone number – this verifies where the customer bought the goods or services from
• What took place – detailed information about what was bought or what service took place limits any later confusion if an independent person (such as a tribunal) needs to look at what happened. The date, price and a description of goods should also be included
• The cost of the goods or services and the money paid.  It is common for disputes to arise over what something cost and what was paid
• Any specific information affecting the transaction. This may include advice about the condition of the goods, or information about a lack of warranty on certain parts of a service.

Keep your receipts as they are proof of purchase and may be required in case you need to return the goods.