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Restaurant Receipts: What Are They?
Generally, receipts are primarily made for products that are sold by a vendor to a customer. Usually, it is consists of the number of items (quantity) multiplied by the price per unit. Additionally, sale receipts are crucial accounting records as it serves as evidence that a transaction happened. Restaurants issue receipts as proof of purchase of their product or service.
Based on a report published by Restaurant.org, there are more than one million restaurant locations across the United States. And it was projected to generate $899 billion US dollars in 2020.
The Internal Revenue Service suggested keeping official receipts for at least three years or as long as it is necessary. Although receipts are helpful depending on your financial situation, they can lower your income tax rate and increase your potential for deductions.
The Elements of Restaurant Receipts
Every receipt is different from each other depending on the transaction it is being used. The payment receipts that the cashier of your favorite convenience store gave you is not similar to the monthly rent receipt you receive from your apartment’s landlord. Because of that, receipts are specifically made with different elements—fields in the receipt that contains relevant information about a transaction. Below is a list of a restaurant receipt’s elements.
How Do You Create a Restaurant Receipt?
Creating receipts is not as challenging as you think. Using a template is the best way to complete this task. However, you can also start from scratch if you want to make a new format. To get a receipt template, start browsing through our website and discover a variety of ready-made stencils suitable to all business needs. But before selecting a template, make sure you fully understand the reason behind creating a restaurant receipt. After that, choose the most fitting template. Then click the download button. Continue reading to get started.
1. Access Editing Tool
Before you can edit the template, access an editing tool. Make sure it is compatible with the template’s file format. You will know if you can work with an editing tool when it is featured on the template source’s website. With an editing tool, you can modify the suggested content and make necessary adjustments.
2. Format the Template
The best thing about templates is that they are customizable. Use the editing tool in modifying your template’s format. Do not forget to include the elements discussed above. Make sure the content is in the right font size, spacing, alignment, and indention.
3. Make It Appealing
Even if your restaurant receipt is a formal business document, it is not an excuse to make it plain and bland. You can design to make the receipt visually appealing. And to keep it on brand, use the restaurant’s logo and slogan in the receipt.
4. Review Your Receipt
When you are done with formatting and designing, review the official receipt before using it. Skimming the receipt from top to bottom makes sure there are no obvious errors and misspelled words. After that, you can now issue receipts to your customers.
What are the different types of receipts?
- Payment Receipt
- Official Receipt
- Business Receipt
- Monthly Rent Receipt
- Day Care Receipt
- Medical Receipt
- School Fee Receipt
- Sale Receipt
- Vehicle Receipt
- Service Receipt
Is it illegal not to issue receipts?
Yes, it is illegal. Not issuing receipts to customers 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.
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.
Receipts are not just evidence of the existence of a transaction. For restaurants, it helps them streamline operations for efficiency and productivity. For more receipt templates, discover our collection on our website. Visit today and for a chance to get ready-made business templates!