A bag retention system and field configurable waste and recycling receptacle and receptacle systems that employ same. The bag retention system includes a peripheral side wall element having an upper portion defining an opening for receiving at least one bag, the peripheral side wall element having a bag opening and support member (e.g. an outwardly extending flange) about which an upper portion of a bag can be wrapped, and a tensioning element located below the flange and coupled to and extending outwardly from the side wall element, the tensioning element having means for releasably securing excess material from an upper portion of a bag, whereby a bag can be inserted in the opening with an upper portion thereof folded over and tightened around flange by pulling the upper portion of the bag taut around the flange and releasably securing the excess material to the tensioning element.