Unless you are living under a rock, you can't deny that exchanging monetary units is ubiquitous in this economic-driven world. It is basically part of survival. But, any person…continue reading
46+ Sample Payment Receipt Templates
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Payment Receipts: What Are They?
It depends on who you ask. Generally, payment receipts are made for products that are sold by a vendor to a customer. It usually consists of the number of items (quantity) multiplied by the price per unit. Moreover, receipts are crucial accounting records as it serves as evidence that a transaction happened. Additionally, businesses keep business receipts to lower their income tax return and increase their potential for deductions.
Meanwhile, according to Chron, non-compliance to FACTA will invite lawsuits and fines and face legal action by the Federal Trade Commission that could cost them fines of $100 to $1,000 per violation.
According to Turbo Tas keeping the receipts of the following expenses if you want to lower taxable income and increase your potential for a tax refund: medical, childcare, unreimbursed work-related, self-employment, and other expenses.
Based on an article by Chron, invoices and receipts are different. Their main difference is as follows: An invoice is a request for payment, while receipts are proof of purchase.
The Different Types of Payment Receipts You Should Know
What does the word ‘receipt’ remind you of? Some may think about how much they have paid for the groceries they purchased last week, or it brings back the memory of a returned item because it was the wrong size. All these are common assumptions of receipts and they are not wrong. But more than that, this little piece of paper is not a one-size-fits-all form. It is important to keep in mind that receipts must be specifically made for each purpose it serves. The sales receipt issued by a restaurant is not similar to the ones your bank gives you. Below is a list of the different types of receipts that you should know.
How Do You Create a Payment Receipt?
Creating a cash receipt is easier than you think. The best way around it is by using a template, but you can also start from scratch and make your own receipt format. If you consider downloading a template, but having trouble finding a reliable source, start by browsing our website and discover a collection of ready-made templates that are suitable for every business need. Yet, you should not choose a template without understanding the transaction in which it will be used. Having a full understanding of that transaction will help you decide on the right stencil. When all this is covered, press the download button and get started with your receipt making task.
1. Proper Label
To start, get access to an editing tool that is compatible with your chosen template’s file format. Examples of this are Microsoft Word, Microsoft Excel, Microsoft Publisher, Apple Pages, Apple Numbers, etc. You can know if an editor tool is useful for your task when it is featured on the website where you got the template. Hence, check on your source’s webpage to affirm this. The best next step to take is to properly label the template. Templates are specially created with suggested content users can modify. On top of every document is a text box allocated for the title. Edit the text box to your preferred title. You can label yours as “Sales Receipt” or “Official Receipt.” You can use bold font styles to make the title stand out and eye-catching. With a title, you can easily recognize your payment receipt from a file of documents on your table.
2. Start with the Basics
As one of the Important Business Documents, your sales receipt should contain the basics like the merchant and the customer’s information used in the transaction. The merchant information or the details of the business involved in the transaction must be in the first part of the receipt. The details are the following: (1) receipt number, (2) merchant name or business name, (3) phone number, and (4) complete address, including street, city, state, and ZIP code. Next, provide the customer information. But before putting any detail, put a label first that says “Sold To” to indicate who receives the service or product. Then proceed to indicate the customer’s (1) complete name or company name, (2) complete address, and (3) contact information.
3. List the Purchased Items
A list of the purchased item must be visible in your payment receipt. It is a shortlist of all the items being transferred in the transaction. To neatly organize, place a concise table with several columns in the body of this Business Receipt where you define what was being bought from the merchant by the customer. Often, it is required to add a description of the purchased merchandise on a line by line basis in the first column of this table. The quantity, price/unit, and line total should also be on a separate column in the table. In case you want to know how to get the line total. It is by multiplying the quantity by the price/unit. But do not worry about this because the template is already formatted with the correct formulas.
4. Present the Total
In addition to the third tip, other amounts such as subtotal, discount, sales, final total, and the amount paid must be present in the receipt. Again, you do not have to worry about calculating these amounts because your template will do the work for you. But if you want to do this manually, you can get the subtotal by adding the amount of all the items in the total line. More so, applicable discounts and sales tax must be deducted from the subtotal to obtain the final total. Lastly, specify what payment method is used in the transaction, whether it be in cash, Card Credit, or check.
Why should you keep receipts?
Properly storing receipts and other business records is essential to your business. It initially monitors your business progress by helping you see how your business is doing. Whether you are improving in terms of sales or declining customer feedback, accurate records help measure your business. That why Turbo Tas suggested keeping the receipts of the following expenses if you want to lower taxable income and increase your potential for a tax refund: medical, childcare, unreimbursed work-related, self-employment, and other expenses.
What is the difference between a receipt and an invoice?
Based on an article by Chron, invoices and receipts are different. Their main difference is as follows: An invoice is a request for payment, while receipts are proof of purchase. Moreover, invoices commonly provide a list of goods or services provided by the seller along with the corresponding prices, credits, discount, taxes, and total due. In short, the amount in an invoice is unpaid. On the other hand, a receipt is a record that proves the existence of a transaction. When a receipt is issued, it means that something of value and payment has been made to finalize a sale.
How long do you keep official receipts?
Keeping receipts depends on your situation. However, IRS said that you must record receipts for at least three years or as long as it is necessary.
Start making your way to success with the help of payment receipts. With this, you can streamline your operation and keep track of every transaction. Are you looking for more business templates? You do not need to look any further. Visit our websites for more ready-made stencils. Or get a copy from the sample above!