If you’re going to sell something, then you need to provide some sort of document that provides details about the transaction that took place. The information that will be in it is crucial as it will contain information such as what was sold, when it was sold, how much it was sold for and so on. You may also see delivery receipt template
That’s why it’s the sellers need to be able to come up with a sales receipt for whatever goods or services they manage to sell to their customers. So this article is going to focus on how you will go about in creating this type of receipt, as well as learn about its importance.
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What Your Goods and Services Receipt Should Contain
As mentioned, the point of creating a receipt is so that both parties will acquire vital information regarding a transaction that took place. But in order to come up with a receipt, you need to know what these pieces of information if you actually want to place them in.
So here is a list of everything that should be in a goods and services receipt:
1. The Amount Paid by the Buyer
Whenever there is an exchange between a buyer and seller, it’s usually a good or service for money. So when a person hands over money for whatever he/she wishes to buy, that person would also expect the exact amount that was paid to be accurately reflected in the receipt. If you’re the seller in the transaction, then it’s your responsibility to provide the buyer with this information. But remember that you stand to benefit from this as well. By having the exact prices listed down on your receipt copies, you’ll be able to use them to keep track of just how much your business is gaining from sales. Very handy when you need to see if you’re business is succeeding or not. You may also like expense receipt templates
It’s just as useful for the buyer. By providing the buyer with this information, you’re giving that person what he/she needs to keep track of his/her personal general expenses. Basically, both parties tend to gain something by learning about the cost of what was purchased.
Both the buyer and seller will be able to understand just how much they gained or lost, allowing them to make more important decisions in the future.
So if you’re the person who has to create the receipt, remember to list down the prices accurately, or else you’ll be facing a lot of issues. Also, there’s bound to be a ton of customers that will order a lot of goods or services in one go, so make sure that you list each of their individual prices and total everything; once that’s all done? Write it all down on the receipt. You may also check out payment receipt templates
2. The Method of Payment
If you’ve already placed the amount of money that the buyer paid for whatever was purchased, you’re also going to have to put in the method in which the buyer paid you. The reason for this is because you’ll need to be able to verify the method in which the buyer has intended to pay and the additional information will be more than useful in certain situations wherein you need to prove the method of payment. So let’s say that the buyer has decided to pay in cash. Naturally, you’d write down “cash” on the receipt. There are other methods which require a bit more information than just that. You may also see transport receipt templates.
For example, if a person were to pay through check, then it’s your responsibility to write down “check” on the method of payment, as well as the check number for verification purposes. Another would be if the buyer were to pay via credit card. What you’re going to have to do in this situation is that you have to write down the type of credit card that was used (Visa, Mastercard, American Express, etc.) and then you have to put in the last four digits of the card.
Remember that every piece of information regarding the method of payment is critical, so place down all of the necessary details if you don’t want any problems on your hands. You may also like blank receipt templates.
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3. Details Regarding the Product or Service Sold
This is the section that will provide the customer more than enough information regarding what was sold. If you’re the seller in a transaction, then you’re going to have to provide accurate descriptions of whatever product or service was sold to the buyer. You may also check out transfer receipt templates
The main point of having this important piece of information is because both parties stand to benefit from it. If you’re the buyer, then, of course, you’d want to know where your hard earned money is going towards. Knowing where their money is going towards will help them keep track of their personal budget, allowing them to make further decisions on what they should spend on.
You, the seller, also stand to gain from this as knowing which of your products or services are selling well will tell you that these are what your consumers want. Just like the buyers, you’ll be making some really important decisions with this information as you now know which items your selling is a big hit with your customers, and which of them are rarely being bought. You may also see paid receipt templates.
So when you’re writing down the description of the products or services that you’ve managed to sell into the receipt, be sure that you don’t miss out in including things like the manufacturer, brand, name of the product, etc. Because you’ll need to have all of that down on the receipt if you want to keep track of whatever was bought or sold. You may also like official receipt templates.
Also, you need to place the purchase order number in the details of whatever goods or service was purchased for further verification.
4. The Date in Which the Product or Service Was Purchased
Knowing when the transaction took place is just as important as knowing how much money was exchanged during the transaction. If you’re not looking at the price first, then most likely you’ll be looking at the date of when the transaction happened. By writing down the date, you’re stating that on that day, both you and the buyer have finalized the simple agreements and that the certain items were exchanged for money. Another good reason for having the date on the receipt is for situations wherein the buyer is paying for the product or service by means of installments.
Think of it in the same way as rent receipts are handled. If a landlord is owed money by a tenant, then the landlord would need to know the date of the last time the tenant has paid for rent. By going through the date on the receipt, one can easily determine the last payment that was made, therefore allowing you to see if this person is keeping up with the payment terms or not.
Also, you need to write down the date in a format that a lot of people are used to. While you could always go for the standard mm/dd/yyyy format, you should definitely take the time to see how other businesses write the dates in their own receipts. If you see that there’s a format that everyone uses, then it’s best that you go with that so you don’t end up confusing the customers who obtain these simple receipts.
5. The Complete Names of Both Parties Involved in the Transaction
This kind of information is especially important if it’s for a product or service that’s a considerably higher price. By having the complete names within the receipt, it will easily verify which of the parties is the seller and which is the buyer. You may also check out business receipt template.
If you’re going to write down the names of both on the receipt, then you have to make sure that you write them completely. There should be no spelling errors when it comes to either name as making such as simple mistake could be costly. If you’re working for a company, then you should write down the company’s full name on the receipt. You may also see hotel receipt template.
If in the event that you do end up writing down the wrong name or if any of the names contain spelling errors, then there’s a huge possibility that the receipt that will be invalid for use in court and cannot be used to prove who sold or bought the product. You may also like construction receipt template.
So the only thing that you have to do on your end is to check as to whether or not there are errors in the names of both parties in the transaction. If you spot any? Then fix them right away.
6. The Signatures of Both the Buyer and the Seller
When you’re creating the sales receipt, just think of it as similar to a contract agreement where the signatures on it signify that the parties involved have gone through, understood, and accepted the agreements before finalization. In terms of a transaction, the signature on a receipt is proof that both the buyer and seller have come to terms with how the transaction will take place.
Also, these signatures will come in very handy during those situations where they’re required. A good example is when one needs to use it in court. So long as the signatures of both the buyer and seller are present within the receipt, then it can be used as evidence within the court. You may also see money receipt template.
So always remember to have the receipt signed by the customer and you also have to put your own signature down as well.
If you would like to learn more about how to create a goods and services receipt or anything related to this particular topic, then all you have to do on your end is go through our articles, find the ones that contain whatever information you may need, and utilize what you have been able to gather to help you and your business out. You may also like invoice receipt templates.