By Reyna Chung - April 08 2018 00:50:15
When you receive a payment from a customer, especially if the payment is in cash, you may be asked to provide a receipt. A receipt could be just a statement written out by hand or torn out of a receipt book that you purchase from your office supply company. But, you can also create and print your own customized receipt forms using our free receipt templates.
In some countries, it is obligatory for a business to provide a receipt to a customer confirming the details of a transaction. In most cases, the recipient of money provides the receipt, but in some cases the receipt is generated by the payer, as in the case of goods being returned for a refund. A receipt is not the same as an invoice.
What are the differences between a payment receipt and a sales receipt?
A payment receipt is a proof of payment. It is mostly for the buyer rather than for the business. It is typically not used in accounting for digital products. A payment receipt lets a buyer be sure that their payment was received by the business.
By contrast, a sales receipt (a.k.a simplified invoice) is a bill or (request for payment if that payment has not already happened). Sales receipts must contain a more detailed breakdown of the costs and taxes involved, as well as information about the business. They also must have a unique receipt number and a few other strict requirements. Unlike an invoice, it does not require customer information, making for less form field to fill out at checkout for your customers (as long as the transaction falls beneath the threshold required by your tax authority).
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.
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