Payment: Difference between revisions
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* [[Pay]] | * [[Pay]] | ||
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* [[Receipt]] | * [[Receipt]] | ||
Revision as of 11:58, 16 February 2023
An amount of money paid.
1.
Defined broadly, payment refers to the payor’s transfer of a monetary claim on a party acceptable to the payee. Typically, claims take the form of banknotes or deposit balances held at a financial institution or at a central bank.
2.
The term is also defined more strictly for certain accounting and tax purposes, where the exact timing of payments - for example either within or outside of a given tax calculation period - may be essential for the determination of tax liabilities and tax reliefs.
