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What Is a School Receipt?
Simply put, a School Receipt is a type of document that you, as a school accounting personnel, provides to students, guardians, or parents as proof that a transaction happens. Just like a medical receipt, a school receipt usually indicates that money has been involved in the transaction. The common transactions that you may have to provide receipt include school uniforms, which many universities offer to make the uniform’s fabrics and design more identical. Other transactions usually include tuition fees, books, and school materials that the universities choose to provide.
Did you know that the number of public schools that require students to wear school uniforms increased as years pass by? According to NCES fast facts, in 1999-2000’s 12%, more schools started to require their students to wear certain clothes. In 2017-2018, it went up to 20%. Most of these schools are from the cities. It also shows that most of these schools are primary schools and middle schools with a 23% and 18% increase respectively. Another significant thing to add is that more than 76 percent of the students of the schools that require students to wear prescribed uniforms were part of the group of people who are entitled to FRPL or free or reduced-price lunch.
Separate research conducted in the UK shows that wearing school uniforms helps reduce bullying. Released on June 29, 2017, the research involved asking teachers, parents, students, which results indicate that 89 percent of the teachers strongly believe that letting students wear school uniforms is a great factor in reducing bullying incidents. 95% of them also expressed that it also allowed students to fit in. In addition to that, parents, the local community, and potential students agreed that that the sight of students wearing school uniforms adds confidence to the school.
These researches must have played a great factor, why school uniforms become part of the common transactions of school receipts.
What are the Important Parts of a School Receipt?
Just like creating a behavior plan, a school receipt has parts that make them legal and more credible, such as the following:
School Information – Mostly, it is located at the top of the school receipt. It includes contact information and the address of the school, which are very important details because, at times, questions may arise and it will be convenient for the parents or guardians to get the school’s contact information right away.
Order Number/Transaction Number – It is a unique number(usually system generated) that you have to print in the receipt. This data is essential because it will make the retrieval process easy, especially when problems, such as disputes, arise in the future.
Order Details – Order details are the very meat of the school receipt. It should have the name of the item purchased and the necessary details of the item, such as the size of the uniform ordered or the indication that the payment is for the tuition fee for a certain school year and semester.
Payment Mode and Details – Your school may have to accept payments in various methods, such as debit and credit cards, check, cash, etc. In this case, a payment mode needs to be detailed in the receipt. In the payment mode, the name of the bank, the name of the person who paid, which is not necessarily the student as there are times that the parents or guardians would prefer to pay up themselves, and the last four digits of the bank account will be included.
Date of Purchase – Another important factor of a school receipt is the date of purchase, which simply means the date the transaction happened.
Date of Issuance – Most of the time, the issuance of the receipt happens at the same time as the transaction. It is the date the receipt is printed.
Course Information – For a more detailed receipt, the course details, such as the name of the course that the student takes and Course ID are included in the receipt.
Discount – There are many types of discounts that a school offers. Thus, for easier identification, a school receipt should indicate the discount type and the amount, which will be written in this part.
Tax – After the discount, the tax details should follow, which each country or state has its own rates/rules. For instance, in the US, a state tax has to be applied in the transaction.
Total Price – Although many Americans would look into details for each transaction, no one would want to compute the total amount that they have to pay themselves. A total price is always a part of a school receipt.
How to Prepare a School Receipt
Unlike creating a congratulation letter, many things can go wrong if you incorrectly print a school receipt. Thus, it is empirical that you ensure its accuracy. The following are the steps on how to prepare a school receipt properly.
Step 1: Identify the purpose of the payment.
Many computerized POS machines follow a workflow, which involves letting the operator choose a reason for the payment and if you realize it late that you are following an incorrect workflow, you will need to go back to square one, erasing the details that you have coded. You don’t want that to happen. Thus, as the transaction begins, know what is the transaction is about and know its corresponding workflow. If your POS machine does not follow a workflow, make sure that you choose the correct purpose of the payment.
Step 2: Know the necessary information about the transaction.
Once you are in the correct workflow, ask the customer for the necessary details of the transaction. This part is the most critical of the entire process because if you input the incorrect information, it will surely come back to you sooner or later. Before that happens, you have to make sure that you got the correct information. Repeat the details that the customer provided clearly to avoid any accounting problems.
Step 3: Make the computation.
At this point, you already have all the necessary information. Make a quick scan for the possible blank fields and choose the computation option of your machine. Relay it to the customer.
Step 4: Input the exact amount of payment
Many times you will encounter customers that cannot hear clearly. It may be because your voice is too low for them or it may be due to other factors. That’s why you should count the money that you receive twice and confirm it to them.
Step 5: Sign the paper.
Before you give the school receipt to the customer, put your signature accordingly. You don’t want this simple mistake to come back for you in the future. More importantly, don’t forget to give the change. You don’t want to give them additional tasks by letting them come back for the change. Make it a habit to give the change along with the receipt and remind them to always count the change before leaving the counter area.
What are the Common Types of School Receipts
There are various reasons why you should use school receipts. Nonetheless, all of them are related to the educational tools that are necessary for the development of the students’ minds. The following are the common types of receipts that you may have to encounter:
School Tuition Fee Receipt – School Tuition Fee is the most common transaction that you will see in a school receipt. Through tuition fees, private institutions can fund their spendings. Tuition fees are also where they get their biggest revenue.You may also see sample school fee receipt.
School Book Receipt – Most of the time, universities do not include books in the tuition fee that the students pay. They charge them separately. Some universities also don’t provide certain books so they let the students visit the bookstore to buy them.
School Donation Receipt – Every year, billions of dollars are given to the top 10 colleges in the US as donations. In 2018, $46.73 billion were donated to these schools. Included in 2018’s top 10 are Harvard University, Stanford University, University of California-Los Angeles, University of California-San Francisco, Johns Hopkins University, University of Pennsylvania, University of Washington, University of Southern California, and Yale University.
To make a school donation official, a School Donation Receipt is provided.
What are other types of receipts?
Aside from School Receipts, there are other types of receipts that people from different industries use, such as the following:
- Purchase Invoice and Sales Invoice – While a purchase invoice is mostly mistaken as a sales sample invoice due to their similarities, these are two different things. A purchase invoice is technically used by the accounting department to record a transaction, such as services and products that a business has provided to a client. It shows how much the client has to pay for the rendered service or given items. On the other hand, a sales invoice shows how much money a client owes for the service and products he or she received.
- Travel Invoice – This type of invoice is commonly used by travel agencies to bill their clients for travel arrangements, which usually includes the details of the travel services, such as destination, time and date, etc. It should also contain the total amount to be paid by the client.
- Expense Invoice – Businesses use this invoice to document the costs involved in doing a business operation. This document also includes additional expenses billable to the client when the company has to make purchase orders on his behalf.
- Salary Receipt – Also called payroll receipts, a salary receipt is a type of document that employers give to each of their employees containing the breakdown of their earnings, which is mostly distributed every 15th of the month and/or last day of the month.
- Vat Summary – A typical receipt, such as a vehicle receipt, usually includes VAT details for the items included in an order, but a VAT(Value Added Tax) summary contains the VAT added to each of the transactions happening within a month.
- Bank Statement – A bank statement is a type of document that a bank issues to their clients periodically – mostly monthly, quarterly, annually, which contains all the transactions occurring in their bank accounts, such as withdrawals, deposits, and online payments. A bank statement also contains the interest earned and fees deducted from the client’s bank account.
What is a school tuition fee invoice?
A school tuition invoice is given to the students or parents by the school, requesting them to pay for the tuition fee. Unlike school receipt, a school tuition invoice does not necessarily mean that the tuition fee has been paid, but rather it indicates the amount that the student has to pay. This document is usually given before the semester begins.
What are the benefits of using a school receipt?
- Monitoring the Progress of the Business – If you are handling a private school, aside from treating it as a place for the students to learn, you also need to see it as a business. To manage a business, you have to determine its progress. There are several tools that you can utilize to determine the progress of your business, such as the annual business sales plan. Analyzing the school receipts is also one of these helpful tools.
- Preparing for a Financial Statement – Since you have to see your school as a business, you have to create a profit and loss statement, balance sheets, and other important business documents. To make it happen, you need to use the school receipts.
- Determining the Source for the Receipts – In handling a private school, you should know that you may have to rely on several revenue sources and as part of doing business, you have to know all of them to know how to improve them, which you can easily do by involving them to your annual sales plan. Through school receipts, you can also determine the source of every expense that the school has to make.
- Preparing for the Tax Return – Part of doing business is paying taxes and every year you have to generate a tax return summary for your business. Without the school receipts, you are going to have a hard time making it happen. Another thing is the authorities may create an audit of the tax returns of the business within their area. School receipts will serve as your evidence for the tax returns that you have come up with.
School receipts, along with other business documents, such as a monthly sales plan essential tools that can help business people keep their school businesses thriving. So is its accuracy and credibility. Thus, you must study these types of tools first before you start to make use of them. In this article, you have learned the basic things that you need to know about school receipts. Make use of what you have learned here by studying further and applying them to your own business.