A receipt is a document that shows a particular sum of money has been received; receipts are usually used to indicate payment for goods or services. Receipts act as legal title to the property obtained in the exchange. In the modern world, most receipts are printed lists given to customers by merchants at the point of sale. The receipt denotes the items purchased, the purchase price, the date and time of the transaction, and any taxes collected and monies paid. Most merchants require a receipt in order to process exchanges or refunds.