When we purchase a product or avail of a service, one very important document that serves as proof is an itemized receipt. Generally, receipts are given to a customer after payment has been made. Aside from that, a receipt is also issued between business dealings as well as stock market transactions. It is important for anyone to ask for a receipt once engaged in any transaction, even something as simple as buying a grocery. Since a receipt is proof of purchase, in case the store failed to include one item but have already paid for it, you are entitled to claim that item back by using the receipt. To learn more about this, let us discuss this further below. And if you need to prepare a receipt for your business transactions, check out our free itemized receipt samples that are downloadable on this page.
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What Is an Itemized Receipt?
Basically, a receipt is a written acknowledgment of something purchased or availed from one party to another. Depending on a company or establishment, a receipt may contain different details aside from the usual date of purchase, the amount paid and a description of the product or service provided. An itemized receipt on the other hand more or less has the same purpose but has a more detailed account to it. This should provide a more itemized list of each unit sold with the full breakdown of the taxes.
How To Create an Itemized Receipt?
A receipt for merchants is necessary for tax purposes as proof for specific expenses. And for customers, if there is a need to return a certain item due to certain valid circumstances, an establishment will always require a receipt as proof that the item has been purchased in their store. Also, there has been quite an evolution in the issuance of itemized receipts as they started manually, and now in the digital era, receipts can now be issued as digital or electronically. So, to start creating an itemized receipt it should contain the following details below.
I. Merchant’s Information
The merchant’s name, address, and contact details must be written in the receipt. This is important in case the customer will need to contact the merchant.
II. Receipt Number and Date
Each receipt must have its own unique receipt number written at the top portion of the document, as well as the date of issuance.
III. Name of the Customer
A “sold to” section of the receipt must contain the name of the customer or business as well as a portion to write down the address and contact details.
IV. Description of Each Item Purchased
Provide a table where you are able to write down the description of each item purchased, the quantity, and the price per unit.
V. Total Amount Paid
After which, indicate the total amount due including the tax for taxable items.
VI. Payment Method
Indicate the payment method made by the customer, whether in cash or cheque (must include cheque number), or credit card.
What Is the Difference Between an Invoice and Receipt?
Both documents are issued in different stages of the sale process. An Invoice is a billing issued to a customer which advises the amount to be paid, details of the transaction, and the due date. A receipt is issued thereafter which indicates the amount paid by the customer, transaction details, and the payment method.
What Is a Petty Cash Slip?
This is a document to be filled up whenever there is a disbursement in the petty cash fund.
Can You Modify a Receipt?
Yes, you can modify a receipt but you need proper authorization to do so. Or else it might be considered as tampering.
Every company engaged in business transactions should be able to issue an itemized receipt to their clients. Since a receipt is an important document that has lots of benefits for both the customer and the establishment. Don’t forget to check out our free templates to make it easier for you to prepare your own itemized receipt.
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