Acknowledgement Receipt

What is an Acknowledgment Receipt?

An Acknowledgment Receipt is a simple document that acknowledges receipt of cash or goods. It is usually used to record the movement of cash, documents, or goods from one person to another. It is important to note that this Acknowledgement Receipt is not an invoice that is required by the Bureau of Internal Revenue for persons engaged in business.

What are the different types of Receipts?

• Acknowledgment Receipt. These are documents that establish that certain goods or cash are received. This is considered a secondary receipt under tax laws.
• Invoice. These are documents that establish proof of the sale of goods or services and are considered as primary receipts under tax laws.

The headings or designation of receipts as an invoice or other types of receipts are important as these have technical meanings under tax laws. i.e. primary receipts should include the breakdown of the purchase price of the sale of goods or services, other items, and applicable value-added taxes, while secondary receipts generally do not require such breakdown of items. Further, primary receipts are recognized by the Bureau of Internal Revenue for payment of taxes or other tax purposes, while secondary receipts do not have the same recognition, and will only be used to check for discrepancies in primary receipts or invoices. For more information about this, the rules and regulations of the Bureau of Internal Revenue may be checked.

Is it legally required to have an Acknowledgment Receipt?

While there is no legal requirement that there be an Acknowledgment Receipt for the sale of goods and services, it is better to have one to document the transactions or to record the movement of cash, documents, or goods from one person to another. Further, it is important to note that Acknowledgment Receipts are not recognized by the Bureau of Internal Revenue for payment of taxes or other tax purposes.

Who is involved in an Acknowledgment Receipt?

The person who received the goods or cash should sign the Acknowledgment Receipt. The person who delivered such goods or cash should also be named under the Acknowledgment Receipt but they are not required to affix their signature thereon.

What has to be done once an Acknowledgment Receipt is ready?

Once the document is completed, the user should print at least two original copies of the Acknowledgement Receipt: one original copy for the person making the delivery and one for the other person who will receive the delivery. Then the person receiving the delivery should sign all copies of the document.

What must an Acknowledgment Receipt contain?

An Acknowledgment Receipt contains the following information:

• The name of the person who gave or delivered the cash or goods,
• The name of the person who received said cash or goods,
• The amount of goods or cash that was paid or delivered,
• If desired, the purpose of such delivery or payment, and
• The date when such goods or cash were received.

Which laws are applicable to an Acknowledgment Receipt?

An Acknowledgment Receipt is generally not governed by law when it is not used by any person or entity engaged in business. Otherwise, the National Internal Revenue Code of 1997, Revenue Regulation No. 18-2012, Revenue Regulation No. 7-2024, Revenue Memorandum Order No. 12-2013, and Revenue Memorandum Circular No. 64-2015 Revenue Regulation 7-2024 (EOPT Law), among others, governs the printing and issuance of invoices and other receipts.

How to modify the template?

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