Some people might consider a unimportant. Admit it, right after receiving and taking a quick glance (at times), you crumple it and throw it away. This is basically the general scenario. But this small piece of paper is more essential in the retail industry than you think it is since it serves as a document to avoid any bill disputes.
Crafting a presentable receipt can be pretty irksome especially to those who are novices to receipt making. Keep in mind that giving out a presentable receipt to your customers is necessary. Messy receipts can lead them to think that you’re running a dodgy retail business. Our receipt templates are great as your reference.
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How to Fill Out a Receipt
If you opt for a manual process of customer orders, or you only accept cash for sales, you will need to fill out a receipt, this is to keep track of customers’ purchases. Below are steps on how to fill it out:
- Input the date at the top part of your receipt page. This should be the date when you received the payment in exchange of the products.
- Write a clear and concise detail of each product being sold. This includes the number of units, the name, style, and actual size of each product. Be sure to skip a line to allow more space for additional information.
- Make a sum of all products to get the order’s subtotal. You should write it in a figure form and should be on the designated line. This is written at at the bottom of the receipt.
- You need to multiply the subtotal by any applicable sales tax. You should write the total tax on the next line. Always make sure to include the sales tax percentage, this is for reference purposes.
If you are asked to make a receipt, template-based receipts are highly recommended. Here, we have Free Receipt Templates and Restaurant Receipt templates that you can download anytime!
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Ways to Create a Receipt
Your receipt serves as a written acknowledgment of receiving a certain value of money or goods. Here are some steps on how to make your own receipt.
- Purchase a carbon copy receipts, this helps to quicken the process. If you opt for a receipt to be created manually, purchase a pad of carbon copy receipts. This way you can write one receipt and have two copies ready for both you and for your customer.
- Make use of a printed company stamp or blank pre-printed receipts. This should have your company name written on it. To make the receipts more legitimate, use a company stamp. This will make it clear to the customer that the goods are coming from a legit business. This is also useful as a reference for future purposes.
- You must include all essential details of the receipt. Regardless if you use the carbon copy receipt or a printed template, these should have all needed details. This includes:
- vendor details,
- buyer details,
- date of the transaction,
- the product details,
- the total amount of the transaction, and
- the signatures of both vendor and buyer.
- You have to make sure that you have all the required information when it comes to making a rent receipt. This type of receipt is necessary for a tenant if he or she is paying cash or cashier’s check and wants to have a track of all payments made. A rent receipt is also essential for a landlord as proof of rent paid. Necessary details included are:
- the total amount of rent paid,
- the date the payment was made,
- tenant’s full name, landlord’s full name, and
- the pay period of the rent.
If you consider making a free receipt template, there are available options online and Template.net is one of the more prolific sources out there. You might want to check out our Receipt Templates or Service Receipt samples for your guidelines.
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A Look at Tax Deductible Receipts
If you know which receipts are tax deductible, you can save them to maximize your tax refund. This also helps when it comes to minimizing the amount of paperwork you have to save for tax each time of the year. Below are helpful details for you to determine which receipts to keep.
- Receipts that are from a small business. If you’re a small business owner, keeping expense receipts should become part of your activity. It is always important to keep these receipts since they serve as a valid document when it comes to your tax return. Other supporting documents you need are:
- sales slips,
- paid bills, invoices, and deposit slips.
- Receipts for business expenses. Receipts included are canceled checks, cash register tapes, account statements, credit card receipts, and petty cash slips.
- Other tax receipts you need to keep. These are receipts for:
- non-deductible contributions,
- receipts of minimum health insurance coverage,
- receipts for worthless securities,
- receipts for payments made to household,
- receipts and documents for home improvement costs, and
- any documents that prove your basis for property cost.
When it comes to receipt types, another sample that we offer is our Medical Receipts. These samples are helpful if you’re making a receipt of this type.
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Advantages of Keeping a Receipt
- Refund – Having a receipt handy is one way for a hassle free exchange or return process.
- Reimbursements – If you are working in a company where you have to do the purchasing on their behalf, better save your receipts for reimbursement.
- Credit Card Checking – This serves as a proof in case there is overpaying that was never authorized. This is also helpful as proof when it comes to paying for things you didn’t even buy.
- Tax Reductions – Necessary when talking about audits or bill disputes.
- Matches of Price – Credit card has programs that could store details or amount that you are not aware of. Receipts are a great proof of purchase when it comes to scenarios like this. Keep them.
- Documentation – If you don’t save your receipts, you won’t be able to remember the things you need to write down in your budget. Whether you do it everyday or once a week, it pays to save them.
For receipt making, make it hassle-free and simple, our receipt templates are what you need. Apart from these standard receipt templates, we also offer Deposit Receipts, in case you need them.