There are instances when you are sent off on an errand by your supervisor or senior officer that requires payment for the price of goods or services. Outlaying personal money is the most common way to easily accomplish the task given. The document received in exchange of the amount levied is called a receipt.
Receipts serve as an acknowledgement that you purchased an item at a business establishment. You can reimburse the fee you paid for the company. These reimbursements are written on expense receipts which will serve as support to the periodic expense report being generated by the entity. Examples of these receipts include Deposit Receipt and Payment Information Receipt presented on this page.
Reimbursement Expense Receipt Template
What’s in an Expense Receipt?
An expense receipt is a written document acknowledging that the company purchased goods or services from another business entity. When accomplishing company tasks, employees usually use their own money to pay the fees on company errands to save time. For them to be reimbursed, they have to give the receipt to the cashier or to the accounting staff assigned as proof of their payment.
Writing an expense receipt for the report can either be done manually with the help of a Money Receipt Template or a General Receipt Template or be done automatically with the use of receipt software and equipment.
Why Do You Need Receipts?
It is essential for a business to use and to keep receipts for the following reasons:
- Supports accounting records. In making management reports, receipts become basis and concrete evidences of the expenses you have acquired for the period. It gives completeness to the company records.
- Used as proof of claim. Using the receipt as proof of the purchase, employees can claim reimbursement when outlaying personal money in exchange of goods or services availed for the company operations. Aside from that, you can claim payment charges to the company as expenses based on the receipts you receive from the entities involved.
Using Receipt Templates
There are different types of receipt template you can use for different kind of transactions. To save you time from the hassle of making one, keep these in mind when using receipt templates:
- Download the appropriate Blank Receipt Template. If your business entity has different transactions, you can find a suitable receipt template following the right format, which includes the following elements:
- Date of transaction
- Space for buyer information
- Product specification section
- Price amount section in words and in numbers
- Payment method
- Place for signature for both seller and buyer
- Run up the template on a word processing program. Most templates are already in Word or in Excel format so they can be easily accessed.
- Customize receipt layout. Incorporate the details of your company, most especially the legal trading name and tax identification number. You can also put the logo of your company on the receipt. Size the texts and the images right.
Proper recording of company disbursements would help a lot in generating the proper periodic reports that management would use in the decision-making process. Having expense receipts would definitely aid the business entity stakeholders in monitoring the outflow of cash in relation to company purchases.