What to put on a receipt
The IRD's guide to business records says receipts may be used to record all sums you receive, that the most suitable type is pre-printed and consecutively numbered with duplicates, and that the name of your business should appear on every receipt[1]. When it describes the receipts a business collects, it lists the details that should be shown: date, name of supplier or service provider, amount paid, and a description of the goods or services being paid for[1]. Your customer needs the same details from you.
| Field | Why |
|---|---|
| Your business name (a company's registered name) | Should appear on every receipt; for a company it is a legal requirement |
| Receipt number, in sequence | Gaps show missing receipts; keep the duplicate |
| Date | Ties the sum to the day it was received |
| Amount paid | The sum you record as received |
| What was paid for | Description of the goods or services |
Receipt or invoice
An invoice asks for payment; a receipt confirms you were paid. For invoices the IRD recommends sequential numbers and a minimum of: invoice number, date of issue, customer's name and address, your business's name and address, date of transaction, description of goods or services including quantities and prices, and total price[1]. Many small businesses issue one document that does both, marked paid with the date.
The company name rule
A company must state its registered name in legible characters in any transaction instrument and communication document, and on its website[2]. The Companies Registry confirms that transaction instruments include any invoice, receipt or letter of credit of the company, and that the rule covers hard copy and electronic documents alike[3]. A company with both an English and a Chinese name may state either[3], and "Ltd." may replace "Limited"[2]. Issuing a receipt without the name is an offence with a fine of up to $10,000 (level 3)[2][6].
Keeping the copies
Every business must keep sufficient records of its income and expenditure, including vouchers, bank statements, invoices and receipts, and day to day entries of all sums received, for not less than 7 years[4]. Failing to do so without reasonable excuse can bring a fine of up to $100,000[4]. A company must also keep daily entries of all sums received and expended, preserved for 7 years after the end of the financial year they relate to, with a fine of $300,000 for a director who fails to secure this[5].
A receipt book with duplicates, or a system that numbers receipts automatically and stores each copy, meets the guide. What matters is that every sum received can be traced from the receipt to the books. The IRD counts its seven years from the transaction date, while the Companies Ordinance counts from the end of the financial year[1][5], so a company keeps to the later of the two. The duty continues after you cease trading, until the seven year period has expired[1].
Rules, forms and figures can change, and the official pages listed below are the authority wherever this summary differs from them.