A receipt is defined as a written or printed acknowledgment that a person, group, or company has received money or items in payment as compensation subsequent to a sale, trade, service, or transfer of goods. Usually regarded as proof of purchase, payment receipts are often government-mandated and required in businesses as transaction document.
Some receipts come in the form of a letter, while others are machine-generated, especially those in stores, boutiques, and other establishments. Sometimes, in businesses such as small coffee shops and milk tea houses, invoices are used in place of a receipt and are just as valid in proving purchase.
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Receipts Recognized by Internal Revenue Service
The 2 kinds of receipts that are currently acceptable to the Internal Revenue Service or Bureau of Internal Revenue are official receipts and sales invoices. An official receipt or OR is used as proof of service obtainment, while a sales invoice is used as proof of buying products or items. While different businesses may have different receipts in their transactions, the OR and sales invoices are the ones currently being recognized and mandated by the government.
Types of Receipts Used by Businesses That Sell Goods
Businesses that sell products, also known as sellers or merchants, are obligated to give receipts as proof of transaction. These receipts not only help the business keep track of sales but they also serve as proof in case litigation and problems arise. The following are the types of receipts that sellers use:
In dealing with walk-in customers, such as individual patrons that shop without prior or special arrangements.
- Sales invoice used as proof of sales of goods or products.
In dealing with companies and organizations, such as businesses that have prior or special arrangements.
- Delivery receipt that functions as proof of product delivery. You give this to your client upon delivery of products or items; make sure to secure a copy for reference.
- Sales invoice, which is proof of buying the items. When the products or items are purchased immediately and don’t need to be delivered, you can issue a sales invoice immediately.
- Collection receipt used as proof of payment. If the products are to be paid at a later time, such as after the delivery, a collection receipt is necessary after payment.
Types of Receipts Used by Businesses That Offer Services
Businesses that offer services that benefit consumers give receipts as proof of service attainment and others. No different to the sellers, businesses that engage in services also give out different receipts in accordance to usage and function. The following are the types of receipts that are used by businesses that engage in services:
In dealing with walk-in customers, also applicable to restaurants.
- Official receipt as proof of transaction when the service is immediately paid for on the spot.
In dealing with companies and organizations.
- Billing statement when the payment is supposed to occur at a later time or not at the same time as the requested service.
- Official receipt when the payment comes before or during the same time as the requested service.
Businesses that offer both products and services can utilize a combination of the aforementioned receipt types: sales invoice, delivery receipt, collection receipt, official receipt, and billing statement; depending on the transaction, payment method, and duration of the purchase or service. Receipts between companies often have additional inclusions and required documents such as contracts and business agreements, since these are processed in their respective accounting departments.
Taking note of the different receipt types can benefit not just the business owners but the customers as well, since receipts are utilized as protection for both clients and the companies they deal with.
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Advantages of Asking for a Receipt
An official receipt or sales invoice has a lot of benefits, both to business owners and to the customers they serve. Clients are always encouraged by the government to ask for their receipt, and businesses are sometimes obligated to put up signs that remind consumers to ask for proof of purchase. Here are some of the advantages of asking for a receipt:
- Having evidence or documentation of purchase and transaction
Perhaps one of the most important functions of a receipt is to prove that the transaction really took place. In case you need to replace a damaged product that is under warranty or within the store’s return agreement, regardless of whether the item was still in the store’s official paper bag or it still had the store’s sticker seal, without the receipt, you don’t have proof that the item was purchased there. The date, time, transaction number, serial number of the item, and other information that can be found in the receipt is crucial in proving that the product you are trying to return was purchased there. Other than returns, receipts may also be used in claims and various transactions.
- Enables the monitoring and recording of expenditures
A receipt indicates what items were bought and how much they were bought for, which makes it convenient for a person or a company to keep track of their spending. Where budgeting is concerned, keeping receipts allows an individual or group to determine which items or products they spend a lot of money on, and what percentage of their spending goes to what kind of goods.
- Minimizes the chance of being audited
An audit is an inspection or examination of an individual or company, usually in a financial aspect. Lack of proper documentation is often grounds for an audit, so keeping of receipts and transaction proofs will help in preventing said inspection. Being audited is a lot of hassle in the part of the business owner, so keeping of receipts provide a smooth accounting and audit experience.
- Claim as refunds or deductions in tax payments
The expenditures you have documented in the form of receipt are grounds for sales deductions. If your business is VAT registered and the VAT in your expenses exceeds those of the VAT in your sales, you are eligible to claim a refund on the excess. Keeping receipts could spare you from duplicate expenses and give you tax savings.
- Making sure the seller fulfills tax obligations to your community
Being a good citizen and contributing member of society, it is one of your obligations to make sure everyone is playing fair, including businesses. It may not be considered an advantage to you directly but the community benefits on businesses paying the right amount of taxes.
- Makes sure the sales personnel are not cheating the business owners
If you are a business owner, you would probably sympathize with other companies as well. It is an advantage to the patrons because the business lasts shorter when sales personnel don’t give the amount that is due to the company.
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