No matter what kind of business you’re in, you must know that you must provide your customers with receipts every time there’s a successful transaction. These receipts won’t just be for the benefit of your customers, they’ll prove to be useful to you and your simple business considering that they have information that you’ll need. You may also see receipt samples.
This would mean that you’re going to have to learn to create one as well as understand why it’s so important. This article will focus on how you are going to go about in creating a receipt and what they can do to help you and your business out. You may also see receipt templates.
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Understanding the Purpose and Key Elements of a Receipt
You’re going to have to learn about this if you plan on creating a receipt. Knowing what it contains and why it has to be made will help guide you in making a receipt that showcases what a person would like to know about a transaction. So the following are things that you’re going to have to do:
1. Recognize the Purpose of the Receipt
Receipts are important because they will help you keep track of your income for tax purposes. Remember that it’s not just for the customers, but for you and your business as well. So it’s best that you save all the receipts, especially if you are running a business, as you may need to show proof of your expenses on your taxes and you’re definitely going to need them if you need to make expense reports. You must provide these to your customers as they’ll also need these receipts to help them better understand their budget.
- Whenever a customer purchases items or services whose prices are considerably higher, then it’s mandatory that you make a receipt. It’s a precaution that one has to take in the event that there are legal charges surrounding the transaction as both parties can use the receipt in court. You may also like blank receipt templates.
2. Be Aware of the Common Types of Receipts
In theory, you can create a receipt for just about any type of transaction. Everything from haircuts, landscaping services, meal deliveries you name it! But there will be 4 common types of receipts that you will definitely come across at least once while making a purchase or any kind of transaction. Those would be the following:
Receipt of payment
In order to process a transaction, the seller of a particular item that you want to purchase will need to create a receipt for payment. It should contain a receipt number, the date in which the receipt was made, and the amount that was paid by the buyer. This should also include the method in which the buyer has paid the seller. So it the buyer paid in cash, then the rent receipt should state that. If the payment was through a credit card, the type of credit card that’s used should be noted (Mastercard, Visa, American Express) and the last four digits of the credit card.
A medical receipt is basically a bill of acknowledgment for a medical purchase, such as medicine, prescriptions, or even surgical equipment. This receipt should include the diagnosis code, the date of the visit, the consultation time, and the total amount that has been paid.
This is the type of receipt that you encounter almost every single day whenever you decide to go shopping. If you’re the owner of a business, then you’re in charge of creating and handing out these receipts to customers who have made successful transactions with you. A sales receipt acts as a proof of purchase and it should contain the amount that was paid, the date the amount was paid, the names and prices of the products purchased, and the name of the person who paid for the items on the receipt.
This is the type of a receipt that a landlord would issue to a tenant whenever the tenant has paid rent. The rent receipt will act as proof of rent payment and it has to include both the complete names of the landlord and tenant, the date in which the payment was made, the total amount paid, the location of the property, the start and end date of the rental agreement, and the signature of those involved in the transaction.
If you’re the type who decides to either buy or sell items online, then you’re going to either create or receive an e-receipt. E-receipts are digital receipts that contain the same information as a receipt of payment and will act as a proof of purchase that someone has bought to something via online means.
3. The Key Elements of a Buyer and Seller Receipt
Let’s look into the elements that focus on the receipt of payment between both a buyer and a seller. As the seller of an item or service, you will need to draw up a receipt that contains all of the following information:
This is where you’re going to write down the name of the seller (or the company that the seller works for), the address of the seller of the company, and the phone number and email address of the seller. You’ll need to place all of these on top of the receipt as it’s one of the first things that customers are going to want to look at aside from the price. You should also include the name of the store manager or owner of the business or company. You may also like business receipt templates.
This would be the name of the person that will be considered as the “buyer” during the transaction. Just make sure that you’re able to write down the first and last name of the buyer and you should be good to go. You may also see expense receipt templates.
- Date of the transaction – This is where you place when the transaction took place. So place in the day, month, and year, as this information will be useful for tax purposes and it’s helpful whenever one wishes to keep track of when certain expenses were made. You may also see blank receipt templates.
- The product details – Write a brief description of the type of products or services that have been sold. This would mean the name of the product or service, the amount that was sold, the product number, and any other information that will help identify what was sold to a customer. This element will be useful if you need to remember the sale in the future. You may also like word receipt templates.
- The amount of the transaction – Break down the total amount into the original price, the tax, any labor charges, and any discounts or promotions. You’re going to have to do this if you want the sale to be more specific in terms how much everything was sold for as well making sure that the sale itself is valid.
- The method of payment – You’re going to have to write down the way in which the buyer is going to purchase either the product or service. So whether it is via cash, credit card, debit card, or through check, you’re going to have to write it down on the receipt as it might be needed in certain situations where you’ll need to prove how the buyer paid you.
- Signatures from both the buyer and the vendor – Once the receipt has been printed out and the buyer has already made the payment, you’re going to have to mark the bottom of the receipt as “paid”. Once that’s done, you’ll need to write down your signature as well as have the buyer place his/her signature on the receipt as well. The reason for this is because it makes it official that both the buyer and seller have agreed on the terms of the transaction and that it was successful. Having a signed copy of the receipt is also useful as you might need these signatures as proof in the long run. You may also like free receipt templates.
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While creating a receipt may not exactly be what one would look forward to, it’s important to learn how to make one if you plan on opening up a business and selling a variety of products and services. This knowledge is something that a lot of business owners tend to make good use. Plus, even the customers can benefit from learning about receipts as it can help them better understand what it contains and help them know why these pieces of information are there. You may also like sample business receipts.
So learn the components and the reasons why a receipt is so important, and you’ll see why you’ll need to save your receipts and why businesses need to make them. You may also see sample receipts.
If you would like to learn more about how you are going to go about in creating any kind of receipt or anything related to this particular topic, then all you have to do is go through our site, locate the articles that you think you and your business is going to need, and utilize all of the information that you’re able to find to help you and your small business out.