Cash Receipt

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Cash Receipt

When people or entities in the United States conduct deals or sales transactions and use cash as a payment method, there are several ways to confirm such payment. One of them is a Cash Payment Receipt. It is a simple piece of paper that contains general information about the deal (or sale):

  • Parties’ names;
  • Paid amount in US dollars;
  • Date of payment;
  • Payment method;
  • Debt (if any).

The straightforward structure lets people issue such receipts in seconds. The Cash Payment Receipt is vital for both the customer and the seller.

Why Should I Issue Such Receipts?

The parties to the deal shall agree to issue a Cash Payment Receipt for at least three important reasons:

  • Proof of payment

Obtaining the receipt helps the customer provide evidence of payment and the seller to prove the fact of money delivery. If the customer wants to get the money back (for example, if the purchased product has defects or for any other reason), bringing up the receipt typically facilitates the cash return process.

  • Tax matters

For entities or self-employed people, such receipts are a way to count their taxes correctly. If public authorities somehow detect that you are hiding your cash payments income and avoiding to pay taxes, you might face some serious legal consequences.

  • Income registration

It is easy to track your income when you make all the payments with credit or debit cards. You can just check the balance on your account. But what about cash? That is another reason to issue payment receipts: with them, you can see how much money you have gotten in cash during a certain period.

How to Use Cash Payment Receipts Properly?

Each time you issue a cash payment receipt, remember to make several copies of it. You have to keep one for yourself, give another to the customer, and have one spare.

We highly recommend you to register all the receipts you give out in a special journal. Such a journal ensures that none of the cash payment receipts is lost and that all the cash income you have gotten is registered. Thus, you will make your accountant’s life much easier when preparing the financial report.

Other Financial Forms

Are you interested in other financial forms? Check the list down below to see what you’ll be able to fill out and edit with FormsPal. Moreover, keep in mind that you may upload, fill out, and edit any PDF document at FormsPal.

How to Fill Out a Cash Payment Receipt

The legal forms and receipts completion in the US can be tricky sometimes. That is why we have prepared helpful guidelines to complete a Cash Payment Receipt. Check out the steps below.

  • Find the Proper Template

You should get the correct receipt template of the Cash Payment Receipt before completion. Our advanced form-building software will help you to generate any legal form template you need. We highly recommend using it to obtain the proper file.

  • Put the Current Date on the Receipt

On the right-hand side, you need to insert the receipt’s issuing date.

step 2 put the current date on the receipt filling out a cash receipt

  • Write the Customer’s Name

On the left-hand side, enter the full name of the person who gives you cash for services or goods.

step 3 write the customer’s name filling out a cash receipt

  • Insert Your (or the Entity’s) Address

Next up, you should fill out the full address of the entity that receives the cash (or your address, if you are the cash recipient).

step 4 insert your (or the entity’s) address filling out a cash receipt

  • Reveal the Given Sum

After adding the address, write the total payment amount in US dollars given to you by the payer. You should write it in letters first, and then repeat the sum in numbers.

step 5 reveal the given sum filling out a cash receipt

  • Describe the Services or Goods

In the Cash Payment Receipt, you should explain what you have received the money for. Add the services or goods that the customer has paid for in the relevant blank space.

step 6 describe the services or goods filling out a cash receipt

  • Define the Debt (If Any)

If the customer pays you piece by piece, you can reflect this fact in the receipt. Near the “Total Due”, insert the amount the customer owes you in total. Below, you can enter the paid sum and the sum left to pay (“Balance Due”).

step 7 define the debt (if any) filling out a cash receipt

  • Choose the Payment Method

You have to choose the payment method that the customer is willing to use between the three options: “Cash”, “Money Order”, or “Check”.

step 8 choose the payment method filling out a cash receipt

  • Introduce the Recipient

Here, you should write either your name or the entity’s name (it depends on the recipient).

step 9 introduce the recipient filling out a cash receipt

  • Make the Copies

Each receipt should have at least two copies: one for the customer and another for the cash recipient. The third copy is made additionally, if you need to prove the payment in governmental institutions (for instance, for tax matters).