Whenever a buyer and seller are able to finalize a transaction, it’s important that the two of them each receive a document which provides proof regarding the matter. By having it, either can show proof that an agreement was made between two parties and that what was promised has been delivered.
This kind of document is what you would call a receipt and it’s something that’s made and given in just about any kind of transaction. This article is going to teach you all that you need to know in regards to how you should go about in creating a receipt template, as well as what it takes to make one.
Elements of a Good Receipt
A receipt is very important as it’s basically a document which provides you with information regarding what was sold, how much it was sold when it was sold, and who is involved. Both the buyer and seller greatly benefit from what it’s able to provide, but it’s only useful so long as it has the following necessary components:
- Business name and address: At the top of just about any type of receipt, you should be able to see the business that issued it and its address. There are times where it might be placed at the bottom, but the fact is that it should be placed somewhere within the receipt. The reason as to why these two pieces of information must be included is because it’s for the buyer in the event that there are any issues regarding whatever was bought, or ones regarding the entire transaction.
- Prices, services, and products: These are the most important components of the receipt as it allows the customer and vendor to reference exactly what was bought and sold and it can help solve any discrepancies. These tend to take up majority of the receipt, especially if the buyer has purchased many different types of products and/or services.
- Subtotal, taxes, and total: Underneath the products/services and the prices, there should be a subtotal amount of all the things that have been purchased. The subtotal is the total of all goods purchased before taxes are applied. The receipt must also contain the amount of tax that will be charged for every item bought. Under the taxes portion of the cash receipt should be a total section, which gives the total amount, after taxes, charged to the customer—this is the total amount that the customer will need to pay the seller.
- Transaction record: There should be a component which shows the amount that the customer has paid, along with the amount of change—assuming that there is any— that the customer has received after the transaction. This is important as it can be used as a reference in the event that incidents such as the customer obtaining the wrong amount of change occurs. A transaction record number should also be in this section of the receipt so the vendor can easily reference the receipt number in the event that he/she needs to.
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Steps to Creating a Receipt
Now that you’ve learned about the necessary components of a receipt, then next is for you to learn how to make one. Take note that these steps are ones that you can follow to create just about any type of receipt, meaning that they’ll come in handy no matter which one you decide to make.
So the following are things that you will need to do in order to create a proper receipt:
1. Enter the Date of When the Transaction Was Made: The first step when making any type of receipt is to write down the date in which the transaction was finalized. This is something that you should never forget to write down as the date alone can help either the buyer or seller out in the event that there are concerns regarding when a particular transaction was made.
So what you’ll need to do is to point out the exact date in which the transaction took place. Be sure to include the month, day, and year. If you want to go even more detailed, then you can also include the time in which the transaction was finalized. These pieces of information would usually be found at the upper right-hand corner of the receipt, but if you wish to change that then simply make sure that it’s in a spot that can easily be seen.
2. Include Details Regarding the Seller of the Transaction: Here is where you will need to place the information regarding who issued the receipt and who sold the products/services to the customer. As you’re doing this, be sure that you include the complete name of the business as well as its address. That way, the customer will easily be able to identify the seller and figure out the means in which to communicate should there be any problems regarding the transaction that has been made.
Also, take note that you may be required to include the details regarding the customer during certain transactions—this is especially true for transactions of products/services of high value. Just make sure that you place the customer’s complete name and address so that the seller may contact him/her if there are any issues.
3. Enter the Products or Services Sold: It’s here where you will need to include a list of everything that has been purchased by the customer. As you’re writing them all down, all you have to do is to ensure that you write down the exact quantity of what was sold and that precise descriptions of every product or service purchased. Remember that this will be very useful for both the buyer and the seller to help them keep track of what was bought/sold.
4. Provide the Details Pertaining to the Costs: Here you’ll be writing down the figures that are involved in the transaction. First is that you’ll want to start by placing all of the different prices of each product or service purchased. Then you’ll need to include the subtotal of everything that was purchased, the tax amount that will be charged for each item, and then the total amount once everything has been added up. Just make sure that you write down all of the different costs and you shouldn’t have a problem concerning the total price.
Tips for Making a Receipt
Now that you’ve learned all that you need to know in regards to how a receipt is made, you should also learn about the ways in which you can improve them. So here are a couple of tips that can help you do just that:
- Be sure that every product/service has its own proper description: You’re going to have to do this so that both the buyer and seller will know exactly what was bought/sold. Having complete information regarding the products or services involved in the transaction will allow the parties involved to bring them up should there be any issues.
- Use a receipt format that’s easy to go through and one that you should consistently use: It’s always best to go with ones that make all of the information look organized and one that you know that the customer and seller are easily able to get information from.
- Always check for any errors: If there are mistakes pertaining to what was sold, the items sold, or even the details regarding the buyer or seller, then you have to fix those immediately. Go through the receipt at least twice to make sure that you can spot any mistakes.
Types of Receipts
Take note that there are a ton of receipts that you can make and each of them have their own purpose. Here are a few examples:
- Tuition Receipts
- Petty Cash Receipts
- Business Receipts
- Cash Receipts
- Rent Receipts
- Sales Receipts
If you would like to learn more about the other types of receipts that you can make, then you simply need to go through our site.
Receipt Template Sizes
If you’re going to make a receipt, then take note of the standard size that they usually come in:
- Roll Width: 3 1/8 inches (80mm)
- Roll Diameter: 2.85 inches (72mm)
- Length: 230 feet (70m)
- Core Size: 7/16” (11mm) ID & 7/8″ (22mm)
If There Are Any Discrepancies, What Do I Do?
Whether you’re the buyer or the seller, all you have to do in the event that there are any discrepancies is to use the information in the receipt to contact the other party member. That way, the two of you can discuss the matter and hopefully solve it without requiring any legal action
Why Are There Many Different Types of Receipts?
The purpose of having a variety of them is for the sole reason of pointing out exactly what transpired during the transaction. The title of a particular receipt alone can help verify what was bought or sold. So if you were to see something like a “rent receipt“, then you’ll know that it’s one specifically for the purpose of showing the amount of rent paid.
Is There Any Easy Way to Make One?
Yes, all you have to do is to find and make use of the right receipt template and customize it in whatever way you feel. You can also decide to go with the ones that are already present here on our site.
If you would like to check out other templates, then you simply need to visit our site. It has many different templates and you’re sure to find what you need just by searching for them on Template.net.