When a buyer and a seller manage to engage in a successful transaction, then they’ll want something that shows proof of that. That item needs to be able to provide them with information such as what was provided by the seller and how much the buyer paid for the items received.
The one thing that can give both parties the information that they need would be a sample receipt. This article is going to teach you all that you need to know in order for you to be able to come up with a proper receipt.
Elements of a Receipt
If you want the receipt to be able to provide information to both the buyer and the seller, then that means you must learn about the basic elements. In order for a receipt to do what it is supposed to, you must make sure that it has all of the required components. Without them or if you lack even one, then it cannot be considered as a receipt.
So knowing that, here are the basic elements:
1. Business Information: The buyer will always want information on the seller placed into the receipt. So what you are going to have to do is to put in information such as the name of the company, the location in which it is established, and contact information.
2. Prices, Products, and Services: Every receipt will require you to provide a list of all the items that has been provided by a seller to the buyer. This means that you are going to have to put in all of the products and/or services that the buyer received, as well as each of their individual prices.
3. Subtotal, Taxes, and Total: It is very important the receipt is able to provide information on the amount that needs to be paid before the inclusion of tax, the amount of tax that will be added to the subtotal, and the total amount once everything has been added up. This information will help the buyer understand how the total amount was calculated, and it can even help see if the calculations were done correctly or if there was a mistake in the figures.
4. Transaction Record: This would happen to be information on the amount that the buyer has paid. Not only that, but this is also where you must place information on the amount of change that the buyer received. If no change is given, then you do not have to place the information into the receipt.
10+ Receipt Templates in Excel
Sales Receipt Template
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Free Simple Receipt Template
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Free Medical Receipt Template
How to Make a Receipt in Excel
Whether you make a sales receipt, donation receipt, or even a purchase receipt, it is very important that you know exactly how to make any of them. Although you already know about the basic elements, you still need to make sure that you implement them along with other information that a receipt is going to need.
So knowing that here are the steps that will allow you to come up with a receipt in Excel.
1. Open Up and Use Excel: If you are going to make a receipt in Excel, then you will need an Excel program. Take note that there are many different types that you can install, but that the one you should definitely use is Microsoft Excel. This is because it’s fairly easy to utilize and it has generally been accepted as the standard program when it comes to making any type of document in Excel format.
So once you managed to have it install, then make sure to do the following:
- Open Excel.
- Click on “File” and Select “New”.
- Choose if you would like to start from a blank document or if you want to use a template.
- If you decide to go with the latter option, then choose from the available templates or download one that you want to use.
As you can see, the process of creating a receipt via Excel is quick and easy. If you like, you can also use the same process to help you come up with other types of documents as well.
2. Provide the Information the Receipt Needs: If you choose not to use a template and instead start from scratch, then you must be the one that will be responsible for providing the information that the receipt needs. What this means that you are going to have to implement the basic elements, as well as any other information that the receipt is going to need.
So knowing that, make sure that you are able to do the following:
- Item Description: No matter what products/services were given by the seller to the buyer, it is very important that they are accurately described in the receipt. This is to ensure that both the buyer and the seller are aware of what exactly was exchanged. Make sure that you provide the official description of every item that you happen to put into the receipt.
- Item Quantity: The number of products or services that the buyer received will affect the overall price that has to be paid. You must provide the exact quantity of everything that has been provided.
- Subtotal: This would be the amount of all the prices added up before the inclusion of taxes.
- Taxes: Make sure to always add this to the subtotal.
- Total Amount: This would be the amount that the buyer has to be pay to the seller for the products and/or services rendered.
- Amount Paid: This would be the total amount that the buyer has paid to the seller.
- Change Received: This will be the amount of money that the buyer has received as change. If there is no change, they do not include this into the receipt.
- Payment Method: Make sure to point out whether the buyer paid for everything via cash, credit card, check, etc.
Tips for Making a Receipt
- Always calculate everything properly: The last thing that you want to encounter is a customer that has come to complain about getting the wrong amount of change or having to pay too much for what was provided. In order to avoid those issues, you must always do accurate calculations. To do that, you must first check on all of the items that you’ve listed down. Next, be sure to get all of their individual prices. Make sure to point out the exact quantity in which all items were ordered and then calculate everything.
- Correct any errors you see: Before you finalize the receipt and hand it over to the buyer, it is always best that you do a double-check. You want to make sure that only the different amounts are accurate, but also other pieces of information as well. This includes everything from the name of the business to even the date in which the receipt was made. It’s best that you go through the receipt at least twice so that you can easily check to see if there are any corrections that you are going to have to make.
Types of Receipt
You should know that there are different types of receipts that you can make. Each of these receipts is meant for different types of transactions, meaning that you should know what they are so that you can make the right one. So knowing that, here are a few examples.
- Cash Receipt
- Daycare Receipt
- Payment Receipt
- Donation Receipt
- Hotel Receipt
- Medical Receipt
- Product Receipt
- Services Receipt
If you want to learn about the other types of receipts that you can make, or if you want to learn about other types of documents, then all you have to do is to go through our site until you are able to get all of the information that you need.
Should I only make my receipt in Excel?
Making a receipt in Excel isn’t exactly the most ideal, but that does not mean that you cannot make it in that format. The reason for this is because it has been generally known to almost everyone that making it in Word is much easier. Not only that, but a majority of the people have come to see the Word format as the standard for just about any receipt.
When do I need to provide digital receipts?
This is best for services/products that are provided through online means. However, if possible, it is always best that you are able to come up with a physical copy of the receipt as well. This is for bookkeeping purposes and both you and the buyer will definitely need them should a situation arise where neither of you is able to access the digital copies.
Although making a receipt may not be too difficult, you still have to make sure that you are able to make it properly. So long as you make the most out of the information presented in this article, then you should not have to worry about doing that.