The Payment Received Letter is a crucial business document used in Nigerian commercial transactions to formally acknowledge the receipt of payments. This document type is essential for maintaining accurate financial records and ensuring compliance with Nigerian financial regulations and tax laws. The letter serves multiple purposes: it provides the payer with proof of payment, helps the recipient maintain proper accounting records, and can be used as evidence in legal proceedings under the Nigerian Evidence Act 2011. A Payment Received Letter typically includes detailed payment information, transaction references, and authorized signatures, making it valuable for audit trails and financial documentation. It's particularly important in the Nigerian business context where formal documentation of financial transactions is required for both regulatory compliance and business relationships.

1. Letter Header: Company letterhead or sender's address, date, and recipient's address

2. Reference Line: Reference number or invoice number related to the payment

3. Subject Line: Clear indication that this is a Payment Receipt/Acknowledgment

4. Payment Details: Specific amount received, payment method, date of receipt, and purpose of payment

5. Confirmation Statement: Clear acknowledgment statement confirming receipt of payment

6. Tax Information: Any relevant tax information or VAT details if applicable

7. Signature Block: Authorized signature, name, and position of the person acknowledging payment