What are Customer Receipts used for?

Customer Receipts are utilized primarily to record customer payments made for goods or services provided. This process ensures that the business accurately tracks incoming cash flow and makes it easier to manage accounts receivable. By recording these payments, businesses can maintain updated financial records, which helps in monitoring overall performance and forecasting future income.

The other options, while related to customer transactions, do not capture the primary purpose of Customer Receipts. For instance, assigning payments to specific customers is a function that occurs alongside the recording of customer receipts but is not the main purpose. Similarly, modifying customer records pertains to changes in customer information rather than financial transactions. Lastly, statement generation focuses on presenting financial information rather than the specific act of recording payments.