By Judith Cross - March 13 2018 19:25:13
A receipt is a written acknowledgment that a person has received money or property in payment following a sale or other transfer of goods or provision of a service. All receipt must have the date of purchase on them. If the recipient of the payment is legally required to collect sales tax or VAT from the customer, the amount would be added to the receipt and the collection would be deemed to have been on behalf of the relevant tax authority. In many countries, a retailer is required to include the sales tax or VAT in the displayed price of goods sold, from which the tax amount would be calculated at point of sale and remitted to the tax authorities in due course. Similarly, amounts may be deducted from amounts payable, as in the case of wage withholding taxes. On the other hand, tips or other gratuities given by a customer, for example in a restaurant, would not form part of the payment amount or appear on the receipt.
Describe the Purchase. For each item you sold, write a description, a price, any discount applied and the total amount paid. Sum the amount paid for all items, enter any state sales tax you are required to collect and put a grand total on the receipt. Write "Method of Payment," and indicate whether you received cash, a check or payment from a credit card. A comment at the bottom of the receipt -- such as "Thank You for Your Business!" -- adds a nice touch.
Label the Receipt. At the top of the paper, write the word "Receipt" in large letters. Under that header, write your name, address and telephone number as the selling party. Under your contact information, write "Date" followed by the date the receipt was written. On the next line, put "Sold to," and enter the buyers name.
According to the federal government, a receipt is written documentation that a buyer paid a seller for goods or services. A receipt must include the name of the seller, the purchase date, the specific goods or services purchased, the unit price and the final amount the buyer paid. If different types of products or services were purchased together, they must be listed separately on the receipt.
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