A Receipt is usually an obligatory type of document that is provided by businesses to customers. In most countries, a retailer is legally bound to indicate the sales tax price of an item in a receipt and the total tax amount is then deducted from the gross amount of sales. A receipt is a written or printed document that is used to acknowledge that a person was able to receive money or payment for the sale of a merchandise or the provision of a service. In most territories, 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 own a business or are starting one up, our ready-made receipt forms and receipt templates can be easily downloaded. Our pre-made Receipt Form Sample templates can help you save on money and time from the hassle and inconvenience of having to create a receipt from scratch.
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The Difference between a Receipt, an Invoice, and a Purchase Order
An invoice and a receipt are oftentimes interchanged. Many assume that an invoice is synonymous to a receipt and that a receipt is similar to an invoice. Although the assumption is close enough, these two documents actually differ in form and use.
An invoice and a receipt are both vital for the purpose of taking into account the cash flow of a business. In layman’s term, an invoice is a bill while a receipt is an acknowledgement report.
An Invoice is a bill that is used by businesses or companies to request for payment from a client for a sale or a service that has been provided. An invoice typically contains an itemized list of the goods or services that were provided by the seller together with their corresponding price, credits, discounts, taxes, and the total amount due. An invoice will also typically bear details that help clients and finance departments or financial firms distinguish it from other invoice forms such as an invoice number, a reference number, the name of the seller, the business address of the seller, the name of the client, and the date of the sales transaction.
If an invoice is often mistaken for a receipt, it is also oftentimes mistaken as a purchase order. A Purchase Order is a typical document or form that is provided by sellers to buyers to accommodate a convenient and organized manner of ordering goods from a seller. Whereas an invoice is supplied by a seller, a purchase order is generally provided by a buyer and is given to a seller to initiate a contract of sale.
A Receipt is generally a proof of acknowledgement for being able to receive payments for a service or a product. A receipt typically finalizes a sale and will normally include an itemized list of the products or services provided, the price of each one, applicable credits and discounts, taxes, the total amount paid, and the mode of payment. The identifying markers indicated in a receipt are similar to those of an invoice such as the name and the business address of the seller, the name of the buyer, the date of purchase, and a reference number. A receipt is highly valuable to buyers since it serves as proof of payment while it is useful to sellers because it allows them to liquidate the amount of money that was inputted into the business.
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How Important Are Receipts?
Whether or not you are a business owner, it is always a good practice to ask, give, and keep receipts. Receipts are important documents that prove payment and are an essential form of paper trail. To exercise our creative imaginations, let’s say for example 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 that also shows a time and a date stamp of you buying it on the time of the murder can be your ticket to freedom. But let’s not get carried away by our fanciful notions. Below are some of the basic reasons why a receipt is essential:
1. Receipts serve as proof of purchase. The ultimate reason for having and keeping receipts is because they literally serve as proof of purchase which will be very much useful when you are claiming for warranties on big and expensive purchases such as jewelries, gadgets, appliances, etc.
2. To close and complete financial records. In business, a receipt is essential because it serves as a tangible piece of evidence to support payment transactions. Accountants can then verify payments or lack thereof when conducting audits.
3. Serves as proof for claims as deduction or refund. Official receipts are useful and serve as hard evidences for claiming reimbursements such as expenses incurred on business trips or lunch meetings.
How to Determine the Right Type of Receipt for Business
Different types of businesses call for different types of receipts. A business may be involved in selling products or goods, providing services, or 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 or 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 to Create a Receipt for Business
Receipts are not very complicated documents to create. Nevertheless, you have to make sure 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 format and are easily accessible to save you from the hassle and the inconvenience of having to whip one up from scratch. Below are some tips and guidelines to follow if you opt to make your own receipt forms:
Provide a company stamp or your company name and logo on your receipts to give it an official and a professional feel. This will also come in handy when clients are trying to organize their receipts. Use a carbon copy if your receipts are handwritten, to help you save time.
Provide the necessary details in your sales receipt, pre-indicate them onto your receipt templates, or have a section that allows you to manually supply the details. Information such as your company name, your business address and phone number, the date of the transaction, the name of the client or the buyer, an itemized list of the items purchased or the service that was rendered, the cost of each item, the total amount, and the mode of payment all need to be incorporated in a business receipt.
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The Anatomy of a Business Receipt
- Seller Details – The details of the seller should include the company’s name, address, phone number, and email address on the top part of the receipt.
- Buyer Details – Refers to the first and last name of the buyer.
- Date of Transaction – The day, month, and year of the transaction should be supplied for tax purposes.
- Product Details and Itemized Cost – A brief description of the items or the services provided and its quantity and cost should be detailed in the receipt for reference purposes.
- Mode of Payment – This detail can come in handy when trying to give a customer a refund or when doing an accounting of a business’s sales. Modes of payment can be in the form of cash, check, credit card, or debit card.
Rental payments that are given by tenants should always have a corresponding receipt from the management of the property being rented. Though there are some spaces that do not give rental receipts especially home owners who only provide a room for rent, it is essential for tenants to know that they have the right to ask for one. Rental receipts are very important as they serve as their proof of payment. This can be used by the tenant to protect himself/herself should payment issues or disputes about the tenancy arise.
If you are a landlord looking for tips on making a rental receipt, then you have come to the right place. We provide a wide array of receipt options from House Rental Receipts to Donation and Delivery Receipts. Our rental receipts can also be customized to cater to your land-lording business needs. You can print a pre-made receipt form and include your seal or your company logo. Below are guidelines to remember when creating a rental receipt:
1. Have a rental receipt template ready. Having a pre-made template for receipts can come in handy especially when you or your tenant are in a rush. A pre-created template allows you to fill out beforehand the details of your receipt such as you name and business address. You can also purchase a rent receipt booklet to manually fill out the details.
2. Ask payment from your tenants when it is due. Rental payments are usually due after a period of 30 days and are paid depending on the landlord or the tenant’s preferred mode of payment.
3. Document your receipts by saving them into your computer or properly storing copies of them in a storage box where they are safe and secure. Your receipts can come in handy during payment disputes or in tax payments.
Donation Receipt Forms
For non-profit organizations, receiving money from charitable institutions or from donations can be a common thing. And, while we want to trust people who are providing free service out of the goodness of their hearts, it is still important to provide receipts when a donation is given for the benefit of the institution.
Providing Donation Receipts help organizations liquidate the amount of money that was given as a gift or as a donation. This also helps organizations keep track of the exact or the total amount of donations that have been given to an institution.
Blank Receipt Forms
If you want to customize your own receipts, you can also download our sample templates for Blank Receipt Forms. These forms are downloadable and can easily be altered to fit your business needs. You can add in a logo, your business name, business address, and contact information on these blank receipt forms.
Receipts are mainstream type of documents, and although we rarely appreciate their uses, they are extremely helpful in the world of business and commerce, and for both sellers and buyers. Be sure to provide receipts after a transaction to ensure that there is proof of purchase and of payment. Download from our wide array of Rental Receipts, Blank Receipts, and other receipt forms here.
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