A Receipt Form is a written or printed document that is used to acknowledge that a person received the money or payment for the sale of a merchandise or the provision of a service. In most, if not worldwide, a receipt is a document that is required by law as a basis for tax or value-added tax collection.
If you want to make a receipt form for your business, you can browse through our samples of receipt form templates so you can be aware of how a receipt form is formatted in a professional manner. These pre-made templates can help you save money and time from the difficulty and inconvenience of creating a receipt from scratch.
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The Difference between a Receipt, an Invoice, and a Purchase Order
Most of the time, receipts and invoice are used at the same manner. Some even think that they can be used interchangeably. Though they may be alike in some characteristics, there are still some differences that you must have an idea about if you want to use any of these tools. Although the assumption is close enough, these two documents actually differ in form and in use.
An invoice, just like a receipt, are important tools in ensuring that transactions are processed accordingly and recorded in an organized manner. These tools also allow the appropriate accounting of the business’ cash flow and finances. If you have not used an receipt or an invoice before, the main difference of the two is that an invoice is considered as a bill while receipts are the tools that are used as acknowledgement of a transaction which also serves as a payment report.
When a company requests a payment from their client, they are expected to present an Invoice Bill. An Invoice contains the list of purchases with their corresponding discounts and prices. The bill will also include the needed details for having the transaction, such as a reference number, the business name and address, the client’s name, and the specified date of the transaction.
A Purchase Order
If an invoice is often mistaken as a receipt, it is also oftentimes mistaken as a purchase order. A Purchase Order Form is a type of document where a client or a seller will indicate the details of the products that he will purchase from the seller. The form will serve as a sale’s contract between the buyer and the seller.
A Receipt is generally a proof of acknowledgment for being able to receive payments for a service or a product. The final document that will close the sale’s transaction is the receipt. All the products that the client bought are listed with their associated prices and the total amount to be paid will be declared at the bottom of the list. A basic receipt is expected to have the following information:
- The name of the company or the business who sold the items to the clients
- The address and contact information of the business
- In some cases, the name of the buyer
- The date that the items have been purchased
- The total amount that has been paid by the customer
- A reference number
If you will look at the content of a receipt, they are mostly the same with the content of an invoice. The above mentioned information, once put together in a receipt, can serve as a proof that the client has already paid the items. On the other hand, the copy that the business will keep can be beneficial in terms of liquidation processes.
Remember that a receipt is an obligatory type of document that is provided by businesses to customers. There are countries that require sellers and retailers to make sure that they will provide the computation of the tax that a purchased item is subjected with. Hence, the tax price of the sales and the tax amount that has been added to an item must be present in the body of the receipt.
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How Important Are Receipts?
Whether you are a business owner or not, it is always a good habit to ask, give, and keep receipts. Receipts are important documents that prove payment and are an essential part of the paper trail. To exercise our creative imaginations, let’s say you were charged with murder and you needed proof for your alibi. A receipt of the caramel macchiato that you purchased at a coffee shop 500 miles away from the site of the murder, and which also shows a time and a date stamp of you buying it on the time of the murder can be your ticket to freedom.
If you think that a receipt is not that necessary in purchase transactions, then these items might just convince you to assess your thoughts again and hold on to that receipt just like any of the other important documents and tools that you have at hand:
- Receipts are your Proof of Purchase. This means that having a receipt will allow you to have a proof that you have already paid for an item. This can be useful if the item that you bought is under a warranty. Most, if not all, warranty transactions need a receipt to be presented to the seller.
- Receipts are used as evidences for payments. Though this is somewhat similar to the initial discussion, the ability to use receipts as payment proofs can actually be beneficial not only to the buyer but also to the seller. Receipts can be documented by establishments so they can have references for payment transactions. This will allow the accounting department to have an easier time to verify if a transaction really existed and if the payments are received and appropriately documented.
- Receipts can be used for reimbursements, refunds, deductions and other claims. If a business has given you an official receipt, then you can use them to support your claims for remunerations. Especially for reimbursements, receipts are needed to verify your expenses so your company can pay you back accordingly depending on your agreement.
How Do I Know the Right Type of Receipt for My Business?
Different types of businesses call for different types of receipts. A business may be involved in selling products or goods, providing service, or providing both services and merchandise.
For businesses that sell products or goods, a sales invoice can double as a receipt. A Delivery Receipt is more applicable to businesses that involve the provision of goods or merchandise. For businesses that provide service, an official receipt can be provided for individual customers while a billing statement and an official receipt can be given when dealing with other businesses. For businesses that sell both product and service, a delivery receipt, a sales invoice, a collection receipt, and a billing statement can be used.
How Do You Create a Receipt for Business?
Receipts and Business Invoice are not very complicated documents to create; however, you need to ensure that your receipts contain the details that need to be included in a receipt. We offer ready-to-use receipt forms and templates that you can easily download to help you save time. Our receipt templates are in .doc formats and are easily accessible to save you from the hassle and the inconvenience of having to whip one up from scratch.
For you to have an easier and faster time to make a receipt form of your own, here are some tips that you may consider following:
- The first thing that you need to think of is your business’ branding. Make sure that you will indicate the company name and logo in the receipt. This can provide a more professional look on the receipt form that you will make.
- Include the necessary contact details of the business include your official business number, mailing address and e-mail address. This will help customers to have an easier time to contact you again if repeat transaction or other inquiries are needed to be done.
- Have spaces where you can manually fill the dates of purchase transactions as well as the details of your clients. Provide spaces for the item description, quantity of items bought within a single transaction, and the computation of your pricing as well.
- Do not forget your terms and conditions when it comes to the mode of payment that your customers should be aware of. This information shall b incorporated in the official receipt that your business will use.
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The Anatomy of a Business Receipt
- Seller Details – The seller’s details should include the basic information of the company with the contact details under it.
Details of the Client – The name of the client should also be indicated on the receipt.
- The Transaction’s Date – Said date should be indicated in this format: Month / Day / Year.
- Product Details and Itemized Cost – A brief description of the items or the services provided and their quantity and cost should be detailed in the receipt for reference purposes.
- Mode of Payment – This includes the terms of the payment agreement and the particulars of the payment methods that a client must honor. This can help a lot in terms of ensuring that the business’ sales are properly accounted. Modes of payment can be in the form of cash, check, credit card, or debit card.
Rental receipts are provided by landlords to the tenants. This tool makes a rental payment official and can serve as a proof that a tenant has already paid for the space that he/she is leasing for a specific time duration. Whether you need House Rental Receipts or even Donation Receipts for any matter, it will truly be helpful if you will research further and use templates to serve as your guides in making them.
As a property owner, it is your responsibility to document the payments of your tenants. More so, you need to make sure that the information that you will place in a rental receipt are accurate. Rental payments are very important as it can dictate the kind of relationship that a tenant will have with his/her landlord. If there are disputes regarding payments, receipts can totally be used as proofs. This secures the tenant that his/her rights for the property is protected if payment has already been made for a particular period being disputed.
Our receipts are editable to fit your needs as a landlord or owner. Creating a receipt will be easier with the ready-made templates, but you should consider these guidelines below:
1. Have a rental receipt template ready. Having a pre-made template for receipts can come in handy, especially if you and your client are in the midst of having an immediate agreement. A ready-made template allows you to fill out beforehand the details of your receipt such as your name and business address. If you do not want to make your own template, another option is to buy a receipt booklet so you can manually specify all the details of purchase transactions.
2. Ask payment from your tenants when it is due. The rental payments are commonly granted within a 30-day period that depends upon the landlord’s terms and conditions.
3. Record your receipts. Store your receipts in a dry and stable area where you can easily find them whenever you are in need of a proof of purchase. Receipts are useful for instances of unrecorded payments.
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