Quotation, invoice and receipt: what is the difference?

They look alike but do different jobs.

Quotation

A price offer before the sale. It lists the items and prices you will charge, and it does not commit stock or money. Customers use it to compare suppliers or get approval. A good system lets you turn a quotation into an invoice in a click.

Invoice

A request for payment for goods or services supplied. It shows what was sold, the total, any tax, and how and when to pay. It is the record for credit sales.

Receipt

Proof that money was received. It shows the amount paid and the method. A till receipt often combines the invoice and receipt for a sale paid in full.

Which to give

• Customer asking for a price: quotation.
• Sale on credit or for a business: invoice.
• Paid at the counter: receipt (or a combined bill).