IPA: /ˈkwɪt.əns/
KK: /ˈkwɪt̬.əns/
A document or receipt that shows someone has been released from a debt or obligation.
He received a quittance after paying off his loan.
Quittance is derived from the Old French word 'quitance' (meaning release or discharge), which comes from 'quiter' (meaning to free or release). The word refers to the act of being released from a debt or obligation, hence a receipt or discharge of a debt.
Think of being 'released' from a debt or obligation — that's what quittance means.