Lay out papers, receiving pound: great! (8)
I believe the answer is:
splendid
'great' is the definition.
(I've seen this before)
'lay out papers receiving pound' is the wordplay.
'lay out' becomes 'spend' (I've seen this in another clue).
'papers' becomes 'ID' (identifying documents are one's 'papers').
'receiving' indicates putting letters inside.
'pound' becomes 'L' (the pound sign is based on an L).
'spend'+'id'='spendid'
'spendid' placed around 'l' is 'SPLENDID'.
(Other definitions for splendid that I've seen before include "'Excellent, glorious (8)'" , "Wicked" , "Noble" , "Magnificent, glorious" , "Wonderful" .)