AR receipt is an acknowledgement of receipts from customer against an invoice or as advance.
A receipt is a written acknowledgment that a specified article or sum of money has been received.
AR receipt can be posted against an invoice or as an advance. The AR receipt posted as Advance is represented as Payment On Account. We have a provision to receipt through PDC cheques.
User can Post difference as Exchange Variance to Profit and loss Account by selecting the option to post difference as exchange rate variance. Otherwise Systems will consider as an advance amount.