A receipt is a formal document that contains the details of a transaction. It is an essential document in a business, especially those businesses that are primarily engaged in providing products or services to their clients or customers.
If you are a business owner or a manager, you need to make sure that you are able to issue appropriately formatted receipts to your future customers. The official order receipt that you will issue to your customer serves as an indicator of the type of business you have. Above all else, your official receipt must be in proper format. If you want to learn more on how to format a receipt, then you are in the right place for we have receipt templates that you may download easily.
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What Information Should Be Included on an Official Receipt of Payment?
The content of your official receipt would definitely depend on the following factors:
- The nature of your business
- The manner with which you issue receipts
- The type of products of services that your business offers
While the above mentioned factors are determinative of the format of your receipt and the kinds of information to be included, there are, however, some basic information that must be included in any type of receipt. Those are the following:
- The name of your company
- The address of your company
- The name of your customer
- The name of the items purchased or availed
- The quantity per item
- The price per item
- The total amount to be paid
- The taxable items
- The delivery details
- The payment method (debit card, cash, or credit)
- The signature of the customer
A receipt can contain additional information depending on what the business owner deems necessary. If you want to know more about the specific content to be included in different kinds of receipts, you may check out our collection of Payment Receipt. These templates can provide helpful insight on the inclusions of an official business receipt.
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Steps to Take Before Creating an Official Receipt
Here are some guidelines to help you in creating the official receipt of your business:
- Before you can start creating your receipt, you need to examine first the manner that you expect your staff or sales clerks to issue these receipts. There are businesses that issue receipts based on the computation that can be seen in the system of a digital cash register. On the other hand, there are businesses that issue receipts that are filled out by the sales clerks or staff upon the moment when they have received payment for the goods or services purchased or availed.
- Then you decide on the format of your receipt. Upon deciding on the format of your receipt, you need to consider whether or not you should provide a detailed account of each customer’s purchase. If you think that a detailed receipt is unnecessary, then you may format your receipt in such a way that it contains only the basic information of a purchase receipt.
- After that, you can research on how you are supposed to produce multiple copies of your receipts in such a way that each receipt contains a distinct receipt identification number. The identification number per receipt is necessary, that is why it is advisable if you would simply outsource businesses that are dedicated to the mass production of official receipts.
- Research on the process of registration for your official receipts. This is important since most states require certain types of businesses to register their official receipts in order for the easier tracking of taxes and revenue.
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How to Create an Official Receipt
Here are the essential steps in creating an official receipt:
- At the topmost part of your document, indicate the name of your company, its address, and contact details.
- If necessary, provide a space for the name of your customer and other important details.
- Create a table with enough columns for the purchase or transaction details such as the items availed by the customer, its quantity, and its price.
- Indicate the standard tax deductions for the taxable items.
- Provide a space for the total amount.
- Indicate the payment options available to your customers.
- If applicable, indicate the delivery details.
- Lastly, create a space for the customer’s signature.
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What Are the Functions of a Receipt?
A receipt is not a mere formality. There are several purposes of a receipt and the most notable ones are the following:
- Legal purposes. In case there are disputes or confusion in the future regarding a false claim as to the factuality of a payment made, then the receipt would be the perfect proof that can end all legal disputes. While this may not be common if the items that you are selling are equivalent to small amounts of cash, there are however businesses that are regularly dealing with customer purchases that are equivalent to large amounts of cash. It is in these cases that a receipt would be of immense importance.
- Customer’s need to have proof of payment. The relationship of a business with its customers is one built on trust. This trust necessitates that you as a business owner would ensure that your customers would feel a sense of comfort at the assurance that the payment which they made to your business has an actual and tangible proof.
- Business analysis. Receipts also serve as perfect documents to be used in analyzing the buying trends of the customers.
For more information, check out our Payment Receipt templates. You may download them by simply clicking on the link provided. What is even better is that they are free! What are you waiting for?
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