Post-receipt

Post-receipt refers to actions, processes, or analyses performed or occurring *after* a transaction's financial receipt has been generated and delivered or is ready for delivery. It encompasses tasks relating to the processing, reconciliation, storage, reporting, and auditing of the documented transaction. These may include tasks ranging from invoice validation, accounts payable/receivable management, customer returns/refunds, inventory adjustments based on sales, and the generation of financial reports based on the accumulated transaction data.

Post-receipt meaning with examples

• After receiving the purchase receipt, the company engaged in extensive post-receipt verification. They meticulously checked for fraudulent charges and inconsistencies between the received documents, the order details, and the final goods received. This helps with financial auditing and fraud mitigation, ensuring all costs align with authorized transactions and contractual agreements. They then archived digital copies in an organized database.
• The retailer's post-receipt system manages returns, exchanges, and refunds. Once a customer provides a proof of purchase (the original receipt) and the returned item, they can log the process within the post-receipt process. This action is logged into a central database that can be readily analyzed for data to address product quality issues and/or reduce return rates. They also assess the cost of returning goods, from labour to transport.
• Financial controllers use post-receipt data to analyze sales trends. They analyze sales by department, product, and time period after receiving each daily sales report, which contains post-receipt data. This helps with identifying seasonal fluctuations, identifying top sellers, and tracking the performance of marketing campaigns, and allows them to make data-driven decisions about inventory, pricing, and promotional efforts. The data is then used for revenue projection.
• A large manufacturing company has a robust post-receipt auditing process for all incoming purchases. They have created a system to audit receipts, purchase orders and received goods. The data is compared and any discrepancies are flagged and resolved before payment. It’s a critical component of their financial control to reduce overspending, fraud, and ensuring that all purchases are accurately accounted for, and included in the final report.