After paying for the goods or items that you have purchased, the seller hands you a receipt often together with the change. This has been the norm, but have you ever wondered why this is so? Receipts play an important role in the business industry, both to the buyer and seller. There are many reasons why this is so and that is what we are going to find out here.
Featured in this article are receipts for goods and services. We have included topics to help you understand what it is, what it is used for, why is it important and other related information. Sample receipt templates are also provided to serve as your reference as we discuss about receipts.
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What Is a Receipt for Goods or Services?
A receipt for goods or services is a a form of financial document that records all of the details of the transaction involved in the purchased of certain goods or services. How does this receipt look like? This receipt comes in many forms and looks identical with one another. If you go to the grocery to buy something, a receipt for goods purchased is issued to you at the counter after you made the payment. After having your computer repaired in a computer shop, the cashier will give you a receipt for the services that you have paid for. How the receipt looks like depend on the kind of business or the kind of shop that issued it to you. But one thing they have in common is that receipts are usually printed on small to medium sized square or rectangular papers.
Receipts used for goods or services are used on many different things. The list below shows some of its uses.
- Receipts are used by customers to keep track of their purchases and at the same time to make sure that they are doing well with their budgeting.
- Issuing and keeping receipts allows businesses to keep accurate records of all of their business transactions as they are the most basic documents for record keeping.
- Once issued by the cashier at the counter, it means that the customer has already paid and are free to go out of the establishment with their purchased goods or items.
- Receipts are used when returning goods or items that are either not working or needs replacement. When requesting for a refund, a receipt is most useful as it will be used as a reference on how much the refund amount will be once the request has been approved.
- Receipts are used to create and provide an itemized list of good or services purchased or paid for by individual customers. This also serves as a record or proof of the transaction for both seller and buyer.
- Receipts are necessary documents to be presented when the businesses need support for an audit or when claiming for tax deductions.
Because there are a lot of details that need to be included in a receipt, receipt templates are used to ease the process. This also allows the business to produce high-quality output which saves them time and money. To learn more about different types of receipts and their samples, you may check out our website. Some of the titles that you may find useful are Blank Sales Receipt Template, Sample Construction Receipt Templates, and Restaurant Bill Receipt Templates.
The Importance of a Receipt
Why do you think is a small sheet of paper such as a receipt is important? There are a lot of factors and reasons that contribute to why a receipt is deemed important in any business industry. One of the main reasons is that is creates an itemized list of the specific transaction that takes place between tow parties, namely the seller and the buyer. This itemized list can be used by both the seller and the buyer as reference when there is a need for them to review the items purchased for the specific transaction. An issued receipt also means that the customer has paid for the items or goods and are free to bring them outside of the establishment.
There is also a government regulation that all businesses must issue receipts for all of their sales transaction. This is another reason why receipts are important. You will know that a business is legal and is doing honest business just by issuing receipts. It is because receipts include tax details and the breakdown of the charges. Without a receipt, a business may not declare the said transaction, which means that you have paid for a certain tax percentage and other government mandated fees that were not paid to the government. This is illegal and that is why it the government urges the buying public to always ask for a receipt in any transaction that involves paying for something.
During tax season, businesses and individual alike need receipts in order for them to claim their tax deductions. How can receipts help? The receipts will serve as supporting documents to prove that the tax deduction claim is legal and that the business or individual is not making any false claims regarding the tax deduction. The same thing is true for businesses who face audits. Most audits are random, but there are time that they are due to suspicious tax reports from business. Any business could be suspicious, but without proof or evidence and complete documentation the business may get into trouble and that is something you don’t want for your business.
There are many reasons why receipts are important, and if you have noticed most of the main reasons have to do with money. Now if you don’t want to get involved in such problems, especially with the government, it’s best to keep for you to keep receipts. Other related topics you may be interested in are Credit Card Receipt Templates, Transfer Receipt Templates, and Gift Receipt Templates.
What Is Proof of Payment?
When you say proof of payment, it refers to the financial document where a list of the items you have purchased are recorded with their corresponding prices and total amount that you have paid for. This includes the mode of payment used and if there is a need to provide change. Simply put, a receipt is a proof of payment. When do you get receipts? As mentioned, receipts are issued by the owner of the business or the cashier after payment has been made by the customer or buyer. Other receipts issued after payment has been made are also considered as proof of payments, and not just those issued in stores. A few examples are receipts issued after making a payment for utility bills and insurance.
What Things Are Included in a Receipt Template?
Receipt templates are convenient tools to use which allows the user to easily and conveniently list down the details of a purchase. This is because the template is a ready-made document where all the necessary parts are already laid out. So what are these parts? Let’s check out the list below.
- The heading or the name or logo of the store or business on top of the page or sheet
- The name of the owner of the business as well as their business address and contact details
- Receipt number and transaction number
- Date and time when the transaction took place
- The name of the cashier or person who processed the transaction and received the payment
- The list of items or products purchased, including the item number, item or product description, quantity, price per item, total price per item, etc.
- The total amount to be paid
- Mode of payment, if it through credit card, debit card, cash, gift certificate, etc.
- Change, if any
- Value statements
- Return policy
- And other related information
There may be more or less details in a template depending on what type of transaction it is used for and on the establishment or business using it. You can learn more about receipt templates by checking out related articles we have on our website. There are also samples templates that you may download as reference, like Payment Receipt Templates, Dry Cleaning Receipt Samples & Templates, and Dental Receipt Samples & Templates.
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What Is the Proper Way to Dispose Receipts?
Simply tossing every receipt to the trash can is the proper way and the best way to dispose of receipts. If this is what you think then you got it all wrong. receipts are unlike trash that you can simply throw to their designated trash cans. If you do this, then you might reconsider your action as throwing receipts in the trashcan may do you harm than good. Why, you ask? This is because your receipt may contain your personal information that ca be used for identify theft or fraud. And yes, that’s how dangerous it is to just toss them away.
You need to get rid of them at some point, one way or the other. So if you should not throw them away, then how can you possibly get rid of them? There are two ways on how you can properly dispose them and they are by shredding and by burning. If you shred or burn your receipts, the personal information you have there will be unreadable and nobody will be able to get hold of them. And by shredding, I mean with an shredder machine or if you don’t have one just make sure that you shred it in a way that any information is irretrievable. If you prefer burning your receipts, make sure that you see the entire paper burned before you leave. This serves two purposes, which is to ensure that all personal details are burned and the second reason is for safety. You don’t want a fire to start because of your carelessness.
The next time you get a receipt, you will know better than to simply throw it away. For more about receipt, samples and templates, you may check them out on our website. To name a few samples are Sample Business Tax Receipts, Sample Advance Payment Receipts, and Sample Generic Sales Receipts.
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