Receipt templates are a handy tool for various businesses that lets record details of a transaction.
Providing customers with a receipt for all transactions is not a legal requirement for businesses but in practice, they are always given to a buyer after the purchase is made. They are commonly used both by online and offline businesses. However, customers tend to prefer paper receipts. According to the YouGov Omnibus survey, 7/10 Americans say they would choose a paper receipt over an electronic one.
The information that is commonly included in a receipt is the date of payment, the sum paid, the reason for the payment, and who is the payer. Receipt templates might have a paper or electronic form.
Once issued, a receipt should be kept by both parties for their own records. If a receipt is being missed, it might cause issues for both seller and buyer.
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There are several common scenarios when receipt templates are needed; it is wise to ask for a receipt when making any major purchase though. Often, it is the only document that shows the fact of exchanging money for goods or services. It can be important in the future in case there is a dispute or if the seller warrants customers a refund or return.
Among the most common situations when businesses need receipt templates are:
A landlord can use a free receipt template to give a tenant when renting a property. Most commonly, a rent receipt template is used for cash payments and should be filled only after money was transferred to the property owner. Such a document records the name of the renter, address of the rented premises, amount of rent, payment method, and the date of payment. A rent receipt template is valid when it has the signature of the landlord or their authorized agent.
At the end of the sale when a buyer makes payment in cash, a cash receipt should be given to them that records information about the sale and acts as proof of purchase. A cash receipt typically includes the names of the seller and buyer, the date of the transaction, the description of the purchased item/service, and the sum paid.
When making a deposit at a bank, a down payment in a property or vehicle purchase, or a security deposit when renting an apartment, a receipt acts as a document recording the names of parties, the amount of payment, the type of the deposit, and the date. The signatures of both parties should be on such a receipt.
Various businesses use receipts when selling their goods or providing services as it is an important document that records the sale and is needed when requested to return or refund a purchase.
As well as that, businesses need receipts for tax purposes. They are required to keep receipts to properly pay taxes. For instance, the Internal Revenue Service requires all companies getting profit to store their receipt for three years.
Nowadays, receipts are mostly stored electronically, and one of the few times when a physical receipt needs to be used is when there is no electronic option (e-mail) provided by customers.
Some other situations when a receipt can be issued are when a person makes a donation, uses taxi services, stays at a hotel, etc.
If a business wants to create its own customized receipt, a free receipt template can be used. A company should include its logo on a receipt to make it look unique. The template should include all the necessary information about the purchase, such as the date and time of the purchase, the items included in the sale, the price and number of all of the items included in the sale, and the name and address of the seller. It might also be customized by adding other details that parties deem necessary.
If you need a free cash receipt template that would include all of the necessary information, use the one provided on our website. You can download a free receipt template in one of three formats – ODT, PDF, and DOC. You only need to fill in specific information about your company, leave the space that is supposed to be blank, and start using your printable receipt for your business purposes.
A receipt acts as proof of payment. It is commonly given to buyers or customers only after the exchange of a product or a service for money is complete.
An invoice, in its turn, is essentially a “demand for payment”. It is given after buyers or customers get a product or service along with a receipt at the moment of paying. However, if a person pays at the moment of sale, an invoice is typically not given. Another thing that differentiates a receipt and invoice template is that the latter usually includes much more details. Those are the name of the business and its registered address, an invoice number, the date of the issue and due date, descriptions, and quantity of products/services, and the total amount due.
Filling out a sales receipt template is a fairly easy process. Even though there is no standardized receipt form and receipt templates will vary from industry to industry, the following information should always be included in a template.
At the top left corner of the receipt template, insert the name of your company, its address, and contact information.
Under the name of the receipt, write the date of its creation.
Further, the name of the person making the payment should be specified. Their address might be included in a receipt template as well.
Another thing to do to create a receipt template is to assign it a unique receipt number.
The next statement should be the acknowledgment of the acceptance of the payment by the business. It should state the sum paid, who made the payment, what method they used (cash, credit card, check, etc.), and the items that were received by buyers or customers.
Both parties should sign the receipt template and keep copies of it.
Some receipt templates might also contain information about the terms of sale and a company’s return policy, for instance, within what period after the purchase customers can request a return or exchange.
You can create a receipt template for your business using our document builder. Just answer several questions regarding your business and get your printable receipt template in just minutes.