When you purchase an item from the store, a piece of paper is given to you along with the items you bought. That piece of paper is called a receipt. A receipt is a written form acknowledging the transfer of something of value between two parties. Businesses are obliged to give their customers a receipt on every purchase.
Examples of receipts are Purchase Receipt, Constructive Receipt, and Sales Ticket Receipt. An Organized Receipt follow a particular format set by the standards of the government and the business entity itself. The following printable receipt templates show various receipt formats you can utilize.
Printable Sales Receipt Templates
Blank Printable Receipts
Printable Cash Receipts
Printable Petty Cash
Cash Sale Receipt
Receipt vs. Invoice
An invoice and a receipt are terms that are constantly interchanged. The following are the differences of these terms:
- A receipt is given to the customer as payment confirmation; whereas an invoice is given to the customer as payment request.
- A receipt is documented by the business as sold and paid products; while an invoice is used to monitor accounts receivables of the company.
- A receipt is usually issued at the end of the transaction; contrary to an invoice, which is given before payment by the customer is made.
- A receipt format show the sum of the amount paid; while an invoice format present the amount due for the customer to pay.
Importance of Receipts
Store Receipts are essential non-negotiable instruments for the following reasons:
- Concrete Evidence – A receipt is an actual evidence of the purchase for both the company and the consumer. A cashier cannot do an act of embezzlement on the register due to the existence of the receipt.
- Audit Reference – As regards the business entity, if an issue comes up during the examination of financial reports, receipts starting six years prior can be used for relevant clarifications and confirmations.
- Lessen Tax Payments – The existence of receipts allows an entity to record other purchases as expenses diminishing the taxable income of the business entity.
Printable Rent Receipts
Printable Blank Receipt
Printable Invoice Receipt Templates
Printable Request Invoice
Printable Restaurant Receipts
Blank Resturant Receipt
Common Mistakes on Receipts
Receipts are issued to the customer in two ways:
- Printed Receipt – This pertains to the actual sheet of paper given directly to the customer’s hands.
- Digital Receipt – This is the convenient way of issuance with the use of Electronic Receipts sent through the Internet.
In issuing receipts through email, the following are the common errors of business entities:
Omission of other relevant information on the receipt.
- Receipt requirement formats vary from place to place. Furthermore, organizations have their respective standard formats for receipts as such that the receipt a customer receives differs between stores.
- Accounting information such as the value-added tax on the purchased product must be disclosed to the customer for the reason that it is relevant to his purchase.
- Contact information of the company is vital information for the customer to know where to contact for inquiries and concerns.
Not a customer-friendly receipt format.
- Some customers don’t understand technical terms on receipts. Make information on the receipt as simple and understandable as possible. On another note, issue a print option for the customer to easily secure a hard copy of the receipt if the need arises.
- Check out printable Receipt Templates presented on this website for related receipt formats.
Underestimating the value of receipts.
- Business does not give so much thought on the receipts being given to customers.
- Customer’s copy of receipts is equally important to the copy of the receipts needed for accounting purposes for the reason that this becomes an opportunity to establish goodwill to your customers.
- Give importance to providing the customer a good receipt.
Forgetting to give receipt information on email content.
- Although this rarely occur, emailing receipts without a brief information stated on the email letter will give confusion to your customers.
- Never fail to include key details about the customer’s purchase as content of the email.
Printable Business Receipt Templates
Printable Business Tax
Printable Basic Receipt
Basic Donation Receipt
Printable Donation Receipt Templates
Free Charity Donation
Pros and Cons of Digital Receipts
Here are the pros and cons of digital receipts:
- There will be fewer sheets of receipt paper cluttering your wallets and bags.
- You will not be getting any difficulty in looking for the receipt you need because receipts are stored in your email.
- Companies can send you their special promos and offers making you updated.
- Your email inbox will be full of emails making it hard for you to locate important personal emails.
- The receipts issued by the company can get screened for it to become a spam on your email. You won’t be able to see it easily because of the filter feature on emails.
- Some entities sell information to other companies usually as collateral for loan or for investment purposes.
Whether it is issued in paper or in digital form, business should serve the customers’ right of getting information on their purchases in the form of receipts.
There are Receipt Formats in Word you can peruse. Other receipt templates you can look into are our Donation Receipt Templates and Cash Receipt Templates for more specific transactions.