Have you ever noticed that tiny piece of paper handed to you right after you buy the groceries or after you went shopping with some friends? That tiny piece of paper can actually help avoid any disputes and any confusion as these are detailed from the name of the item, the quantity of each item you bought, the price of each item, and the total amount you paid for. That piece of paper is called the sales receipt. A receipt is basically a document that serves as a proof that a there was a transaction between two entities which primarily is usually a buyer and a seller.
If you are a business owner, it is one of your responsibilities to present your customers with a proper receipt that documents everything about the transaction. We want to give you a few details about general receipts and what these documents contain. We will also be sharing a few receipt samples that you may want to download to make it easier for you to come up with your very own receipt that is going to polished and professional-looking. Just make sure that you keep reading this article and apply everything that you learn.
General Receipt Template
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Cash Advance Receipt
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Receipt for Rent Payment
Receipt for Vehicle Purchase Payment
What is a Receipt?
So before anything else, let us define what is a receipt. A general receipt is basically a small piece of paper that is used regularly for official business activities. It can be used for a wide variety of business tasks, deals, and transactions. Commonly, it is issued by the seller of the product or the service. It is either written or printed and acknowledges the amount of money and the total number of items that has been acquired. It has benefits for the parties involved in the transaction.
Benefits of Using a Receipt
- It is a tool that is used to record the monetary transactions that occurred between two entities or individuals (buyer and seller).
- It serves as a supporting document for a lot of transactions (returns, exchanges, disputes, etc.).
- It serves as a proof of payment receipt and can be used when receiving goods and services.
- It can be used as a means of resolving any confusion and disputes that may arise.
Differentiating an Invoice and a Receipt
People tend to use the terms invoice and receipt interchangeably. Basically, both documents are used for accounting purposes and these are documents are utilized to record sales transaction. But what is the difference between an invoice and a receipt? We will be discussing the differences as well as a few more similarities with you.
A generic receipt is typically given to a client once the sale has been finalized. This means that the client has already made all of the necessary payments for the product or service that he/she has availed. It will typically list down the goods and services availed, the prices of each product/service, credits, discounts or promotional prices, taxes, the amount that was paid, as well as the payment method that was used by the customer.
So what is an invoice? An invoice is basically a document that requests payment from the client. It has a list of all the items or services that has been purchased or availed, the prices of each item or service listed, credits, the discounts, taxes, the total amount due, the down payment (if any), as well as balances remaining. Other details that you might find on an invoice are the following:
- Customer’s credit report information
- The invoice number (either found on the upper left hand side corner or the right hand side corner of the document)
- The name of the salesperson or the person who handled the sale
- Promotions and discounts that was available
- The amount of time that the client has to completely pay off the amount due
- The business’ details (name, contact details such as telephone number, address, and email address)
Often times, an invoice is also confused with a purchase order but they are also very different documents. Purchase orders are requests fro buyers to have items or products shipped with a promise to pay whereas an invoice is issued by the seller. You can read more about the difference between a purchase order and invoice at Are Invoice and Purchase Order Same?
Issuance of Receipts and Invoices
A printable receipt and an invoice is typically generated by merchants, vendors, or sellers to buyers, clients, or customers. However, invoices are mainly used by accounting departments, sales staff, customer service staff, doctors, and waiters (when customers ask for the bill).
Aside from customers, another recipient of receipts can either be accountants or bookkeepers who my need the document in order to have proof of transactions and be able to proceed to further processes.
Uses of Receipts and Invoices
Invoices are used to do the following:
- Request payments
- Keep track of paid and unpaid sales
- Control inventory
- Facilitate what items are to be delivered and held
- Track future revenues
- Manage customer relationships
Receipts are mainly used by customers, buyers, and even an establishment to prove that the sale was successful and has been paid for. It is very useful for return and reimbursements for damaged or faulty goods.
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Creating a Receipt Template in Excel
In this section of the article, we would like to help you out with how you can make a receipt in Excel or in a similar worksheet application that you have on your computer or handheld device. Excel is very common and very easy to use. The business tax receipt template that you get to make in your Excel worksheet can be customized to have a personalized format, layout, as well as formulas. What you make in your worksheet can be sent electronically via email or can be printed out to be manually filled out. You may also make use of the sample general receipt templates to download we have in this article to ensure that there is no need for you to start from scratch.
Select a Template
Usually, MS Excel comes with pre-made templates or downloadable templates that you can use for making your receipts. You can also choose a template from the ones we have featured int this very article. Whatever, template you decide to use, these are pre-formatted with formulas and layouts that you can freely customize if you want to. If you want to choose from the receipt templates available in Excel, open a worksheet and go to the File tab and click on New. Search for “Receipt” in Office.com templates. Once you do this, Excel will give you a list of available samples that you can download.
Make sure to change the details with your own business’ details. This will include the following:
- Company logo
- Company name
- Recipient details
Most of the time, when you click on the fields, a pop-up comes up which prompts you to have the field replaced with your very own details. This means that everything will go as smoothly as possible as it is very user-friendly.
Test Your Receipt
Since the templates come with pre-formatted with formulas such as pdf receipt template, make sure that you test everything out first makes sure that all the formulas are working properly and are calculating everything accurately. Delete values which you see is not significant and save your template.
Decide the size you want for your work receipt. Click on the Page Setup group and click Page Layout. Once you have set up your receipt size and orientation, click on View and see if you are satisfied with how your receipt look like. Make necessary adjustments if you want to.
Making sure that you have a digital template of your receipts makes it a whole lot easier to make all the necessary changes that you may encounter in the years to come. May the changes be big or small, by just tweaking a few items in your template, your company receipt will have a whole new look.
By having your receipts digitally saved rather than having clumps of paper around can also help to lessen clutter in your office or desk. Plus, organizing your receipts digitally is a whole lot easier and will also make the looking for your personal copies way easier and faster. Wouldn’t it be nice to just sit down and see what you are looking for with a few clicks rather than going through a big pile of paper receipts? You will only not please yourself but also your customers as well.
If you want more information about making a receipt with the use of Excel, you can check out Simple Steps to Create a Receipt in Excel which gives a more detailed instruction on how you can make one through Excel.
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