Every time you buy something from a store, no matter how small your purchase is, you are always provided with a receipt whether you like it or not. We often do not accept it and just leave it on the counter or throw it to the trash the minute it landed on our hands. And even if we do not wish to get a receipt upon checkout, there will always be a receipt printed at the counter. Why do they always hand you a receipt even if you don’t want it? You may also see sample payment receipts
Store receipts are those small but long sheets of paper that is given to you at the counter upon checking out your purchase. It serves as your proof of purchase for the goods or products that you have paid for, as well as the store’s acknowledgment that they have received payment from you. Stores and other sellers are obliged by the law to provide their buyers a receipt for any sale transaction and this is the very reason why even if you don’t want to, you always end up getting one. You may also like cash payment receipts
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What Are the Uses of a Receipt?
There are many uses of a store receipt, that is why you should not just throw them away when get them. It is always advisable to keep your receipts after any purchase that you have made until you have confirmed that there are no problems with any of the items that you have bought. You may also see fundraiser receipt templates
1. A receipt serves as a proof of your sales transaction where the store you bought goods from acknowledges that they have received payment from you.
2. Large stores or groceries often have security personnel posted at the exit of establishment. Before you can go out of the premises, they often check your grocery payment receipt. So your receipt serves as your ticket to successfully exit the premises with the items you bought.
3. A receipt will also give you a detailed list of the items that you have purchased form that store. If you are on a budget or if you want to keep track of your expenses, you can keep your receipt for your personal tracker.
4. Sometimes, we do not check the price of the items that we purchase. This is because some stores don’t always put the prices of their products on their shelves. We often use the receipt as reference to determine how much the items costs. You may also like money receipt samples
5. Through a receipt, you are also able to identify the items that you have bought and track down any items we have paid for but were not packed at the counter. You can simply go back with the receipt and tell them about it.
6. If you want to compare prices of one store from another store to determine which store sells the same items for a cheaper price, then the best tool that you can use is a receipt. You may also check out sample house rent receipts
7. When reselling goods, resellers always check their receipts to help them determine the pricing of the products they are selling. They also use receipts as part of their inventory to help them count how much they have spent and earned in total.
There are actually a lot of good things that you can get from using and keeping your receipts. So the next time you go buying stuff or shopping in random, you know better than throwing your receipt away. Who knows, it may come out as a blessing to you in the future. And if you want to know more about receipts, you can always check related topics online like refund receipt samples and templates, general receipt samples and templates, and payment receipt samples.
What Is the Difference between a Store Receipt and a Cash Receipt?
How could they be different? I mean they are both receipts, aren’t they? True, they’re both receipts, but they are both used differently. We always come across store receipts because we buy different things on a daily basis. But for ordinary people, especially consumers or buyers, cash receipts are not something we hear of or talk about often. You might be interested in sample payment received receipt letters
1. Store Receipts
- It is a receipt that provides us with a documentation of our sales transaction in the form of a store sales receipt.
- They are provided by grocery stores, department stores, and convenient stores to their customers or buyers as proof of the purchase.
- The store also keeps their own record of the sale transaction on their computer system for documentation and inventory of the sales made by the store or business on a daily basis. You may also see catering receipt templates
2. Cash Receipts
- A cash receipt, on the other hand, is used to record the money generated by a certain business on a daily basis, instead of recording the sales made.
- Cash receipts help businesses keep track and stay informed of how much money they have earned or how much money has been generated from the business so far.
- A compilation of cash receipt records is used in the business’s cash inventory at the end of the month.
Perhaps, the key defining factor between a store receipt and a cash receipt is on what they keep a record of. Store receipts keep a record of the sold goods while a cash receipt provides a record of the income generated by the business. Learn more about cash receipts by checking out sample cash receipts and cash receipt templates.
How Long Should You Keep Receipts?
If you have noticed, most receipts include a statement at the bottom saying that the particular receipt is valid for five years after it was issued. We don’t always put importance to this statement because the products that we have purchased by that time might already be consumed, worn out, or outdated. But even if that is so, it is still pretty important to keep your receipts. How long should you keep them and why? Find out the answer to this question below. You may also like loan receipt templates
1. Receipts that you should keep forever
Your initial reaction would be, why should I keep a receipt for that long? Well, believe it or not, there really are receipts that you need to keep for a very long time, at least while you still have possession of the items on the receipt. These receipts could be from jewelry purchases, collectibles, antiques, rare items, and many more. Why? These items are pawnable and your receipt will prove the value of the item when you purchased them. You may also check out medical receipt templates
Another set of receipts that you should keep forever are insurance receipts and important receipt statements about your benefits. You can use them when it’s time for you to take advantage of your benefits, often during retirement or during emergency situations if ever you are denied of your rights.
2. Receipts that you should keep for 3 to 7 years
Moving on to the next set of receipts that you should keep are those receipts that show any tax deductions that you have incurred, like business tax receipts. You ask why? It’s because the tax regulating body in your area or state might don a random audit and track back as far as 3 to 7 years. Keeping those receipts will save you from being wrongly questioned about something that you did honestly a long time ago. Examples of the receipts that you should keep for 3 to 7 years are income receipts, credit card statements or receipts, donation receipts, etc.
3. Receipts that you should keep for a year or within a year
Keep receipts for items that you have purchased with warranty, like gadgets and a number of equipment. Although they come with warranty statements that you can present in case of a defect, the purchase receipt may still be required. Other receipts that you should keep for a year or within a year are insurance policy receipts for your home, car, and life insurance. The only time that you can destroy or throw them away is when you get the new policy after it renews every year.
Receipts that you have acquired for home improvement and some property modification should be kept as long as you own these properties. An example would be a car sales receipt. The receipt will help you demand a reasonable price if you decide to sell them for whatever reason.
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What Are the Things Included in a Store Receipt?
If you have a bunch of purchases in one transaction, then you will definitely see a lot of things on your store receipt. But this doesn’t mean that all receipts will have the items as yours. There are just some things from one receipt that are common to others and we have made a lit of them below.
- Name of the store
- Logo used by the store
- The store’s tagline
- Date when the sale transaction took place
- The list of items or products purchased
- The quantity being purchased
- The unit price and the total price for each item
- The tax percentage added to the total sale amount
- The total number of items purchased
- The total amount to be paid
- How much money the customer provided
- The mode of payment used (e.g., cash, check, or credit card)
- The change amount it was paid in cash
- The cashier who did the transaction
- The store’s return policy
- The store’s value statement
- And other optional things
Different receipts would include things that are unique to their purpose. Examples of such receipts are loan receipts and photography receipts. Related topics about different receipt templates will also help you learn about other receipt inclusions and format.
What Are Fake Receipts?
Just by looking at the word fake you probably know by now what a fake receipt is. Fake receipts literally mean false receipts that are not produced or provided by any legal store or establishment. We often associate it with scams, phony expenses, and all sorts of fraudulent activities. But did you know that there is more to fake receipts than being just an instrument for fraud?
Because of how it is named, we automatically judge it as something bad. Fake receipts are actually not always used for bad things. Often, sample receipts or receipt generating services call this document a fake receipt. A fake receipt is just like any receipt sample or receipt template that are available for download online. You can say that they are different from the usual samples and templates because most of these fake receipts are custom made. You can also make your custom receipts by following instructions on how to make a receipt using Microsoft Word or how to make a PDF receipt template.
Still, it does not change the fact that there are bad people out there who plan to use these receipts to do fraudulent things. That possibility cannot be prevented and so every store or business should be vigilant when checking receipts for refund or replacement to avoid becoming victims of such fraud. You may also see sample advance payment receipts
Is It Safe to Throw Away Receipts?
It really depends on what kind of receipt you are going to throw away. We make payments either with cash or through credit cards and debit cards. If you paid for something with cash, there will be data or information about you provided in the card. For receipts that do not contain any of your personal information or anything about you, it is safe to throw them away as long as you no longer need it. You may also like contractor receipt samples
However, it is a different situation if you used your credit card or debit card to make the payment. Surely, your 16-digit credit card or debit card numbers will not be provided in full. But rest assured that your name or the last four digits of your credit card or debit card number will be shown as well as the bank to which your card is affiliated. These are important information that should not be exposed to anybody without your knowledge, especially not on your receipt. For this case, it is not safe to throw away this kind of receipt. You may also check out simple receipt templates
So how can I get rid of these receipts? I can’t just keep them all. They would pile up and just become trash somewhere in my bag or purse. The best way to get rid of these receipts when you no longer have a need for them is to toss them in the shredder so that it would be torn to pieces and nobody would see all the important information. You can also burn these receipts so that there would be nothing left of it. That should keep them away from the bad guys who want to steal your personal information. You may also see doctors receipt templates
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