A sales receipt template is a document which is designed in order to read the information about sales transaction easily. This template is very useful for both seller and buyer. It contains various sections for the company name, address, website, telephone number, and Email address. Under these sections, there is a section for the items that were sold along with a number of items and the price for the items as well.
Table of Contents
- 1 What basically a sales receipt is?
- 2 What should be included in a sales receipt?
- 3 Format of a sales receipt:
- 4 Different types of sales receipt:
- 5 Why do you need a sales receipt?
- 6 Difference between a sales receipt and an invoice:
- 7 How to make a sales receipt?
- 8 Conclusion:
- 9 Faqs (Frequently Asked Questions)
- 10 Can you use an invoice in place of a receipt?
- 11 When to issue a receipt?
What basically a sales receipt is?
When customers buy products or services from your company then you have to provide them a receipt. Usually, a sales receipt is a document that acts as evidence of a transaction between a buyer and a seller. It proofs that the purchase was made, what customers bought, and how much they paid. Moreover, retailers provide a receipt to the buyers to keep a record of products or services rendered. This document also helps the customer to return an item if needed. It is an important document when preparing taxes. You may also like Motorcycle Bill of Sale Forms.
What should be included in a sales receipt?
Most receipts need a basic set of details and industry-dependent customization. Include the following basic items on your receipt;
- Company name
- Business address
- Phone number
- Receipt number
- List of purchased items
- Applicable taxes
- Final total
Also, you can include additional information on the basis of what type of business you operate. You can also deliver your receipt in different ways.
Format of a sales receipt:
There are different types of sales receipt template but the format of each receipt is the same. At first, the document starts with a date and a receipt number. After that, a list of the company’s name, address, city, state, zip code, contact number, and email address comes. Next, write down the information related to customers such as his/her name, contact number, phone number, and Email address. Also, include a detailed description of the transaction. The description includes the following information;
- Payment method
- Card information
- Name of the items purchased and their prices
- The total amount of the transaction
- Verification of the transaction
Each type of sales receipt varies in size. The type of cash register receipt is a few inches broad. Furthermore, its length depends on the number of items bought. The next type i.e. handwritten receipt has the same size as US letter paper or half-sized. The dimensions of this size can be changed to fulfill the need of a specific company.
If you are running a small business then using this document allows you to keep good records and look more professional in front of your clients. In addition, you can easily download a well-designed and professional quality sales receipt template. With the help of these templates, you can also generate different types of high-quality sales receipts.
Different types of sales receipt:
Let us discuss below some different types of a sales receipt in detail;
Cash register receipt:
A cash register receipt is a very common type of sale receipt and is provided by retail establishments. When the customers pay for their purchased items a printed receipt by the cashier’s register mentions the following information;
- Lists all the items purchased
- The price of each item
- The total paid
- The method of payment
- The date and the time of transaction.
In addition, this type of receipt has large rolls that adjust on the spindles inside the cash register. Typically, the color of the paper is white and on the last remaining stretch of the paper, it comes with a printed pink stripe.
This type of sales receipt is used by the companies that send their employees for outside sales. The outside sales need a receipt to be produced on the spot. However, the members of the sales should take blank receipts with them and fill the receipts with the customer’s information and details of the transaction. Also, the receipts contain employee information. When the employees affix their signature on a hand-written receipt, it acts as proof of accuracy for the information provided.
The packing slips act as a sales receipt when a company ships products to the customer who has ordered products online. The packing slips should contain information such as;
- The date and the time of purchase
- Items bought
- Price of each item
- Quantity of each item.
Moreover, each box has to contain its own packing slip if there are multiple shipping boxes.
Carbon copies are another best and essential method for companies to keep a record of their sales. However, hand-written receipts have carbon copies that serve as a record for the companies when the main copy is given to the customer. Carbon copies are a very useful method to track sales and inventory. You should also check Purchase Order Template.
Why do you need a sales receipt?
Here are the reasons why you need a sales receipt;
Give customers proof of sale
The customer requires proof of purchase for tax deductions. It also makes them able to return a faulty or unwanted item. If they want to purchase more of the same items, it acts as a reminder of what they purchased.
Provide protection to record sales for bookkeeping
For businesses, the sales receipt gives documentation of sales activities. With the help of sales receipts, they can track their financials, monitor their revenue over a specific period, and budget accordingly.
Record sales for tax purposes
To prove cash flow for tax reasons, most countries need sales receipts. Businesses have to pay on the basis of their sales. Also, it means they have to comply with stringent record-keeping laws. In case of an audit, sales receipts give a physical trail that explains your sales records over a specific period.
Assist businesses in managing their inventory
When businesses have a record of which products were sold at which times, it assists them with sales tracking. Sales tracking makes them able to evaluate product demand and correctly forecast product orders.
Difference between a sales receipt and an invoice:
We all know that both sales receipt and an invoice are used to keep records of the exchange of money but in general, they are not the same thing. While a sales receipt is used to keep track of the money that was paid by the purchaser for goods or services. On the other hand, an invoice is used to keep the track of money that is still payable by the buyer to the seller.
Likewise, a bill an invoice is a record of how much money the buyer owes. This document is also used to make a request for payment. While sales receipt is a record of the money already paid by the buyer. It acts as proof that the buyer made the required payment. Next, the sales receipt is created at the time of purchase but an invoice consists of over several documents if the buyer is paying off the payment in installments.
Above all, the main difference between an invoice and a sales receipt is that an invoice is given to the customers before payment while the sales receipt is given after payment has been made. However, both include the following information;
- Price of payment
- Mode of payment
- Quantity of the products or services rendered
- Any discounts or taxes applied to the sale.
How to make a sales receipt?
Here are some tips that you must consider while making your sales receipt;
Your logo must be featured on your sales receipt. The colors, font, and brand slogan are some other things that you must consider. You can keep your company in your customer’s thoughts through branding. Also, it assists them in organizing and keeping track of their receipts.
Focus on detail
A sales receipt template contains all of the required fields. You just have to fill it out with accurate details. Each section must be labeled clearly.
Make it easy to read
Make your receipt more accessible so that it can be easily filled out by the person as well as they can easily read it. Use easy-to-read fonts at a reasonable size in case of digital receipts. You should display all of the details in a pleasing manner. In the case of handwritten receipts, write them neatly in order to avoid confusion later on.
In conclusion, a sales receipt is essential for both the seller and buyer. It provides you all the details of the purchase and allows the companies to keep a record of their sales. With the help of sales receipt templates, you can create more professional sales receipts. These templates contain all necessary information, you don’t need to write or type each piece of information.
Faqs (Frequently Asked Questions)
Can you use an invoice in place of a receipt?
No, you can’t use an invoice in place of a receipt. The invoice is generated to request for payment while the receipt serves as proof of payment.
When to issue a receipt?
A receipt is typically issued when a transaction takes place. This occurs in a retail or sales environment when a credit card or cash payment is received.