Free Receipt Templates
What Is a Receipt?
A Receipt is a formal document filled out to acknowledge the payment for certain goods or services. It can be used to confirm the money was received even if the individual or organization does not get anything in return from the other party - for instance, if you are donating funds to a charity, they may provide you with an instrument you later use to claim a tax deduction.
In the majority of cases, however, the Receipt Paper serves as the list of details related to the purchase in question - it verifies the date and location of the transaction, lets the buyer know the legal name of the seller, and is indispensable whether you need to return the items later or simply keep track of your expenses and manage the household budget.
You can find a full list of Receipt templates please by checking out our library below.
How to Make a Receipt?
Follow these instructions to prepare a Receipt:
- Determine the appropriate layout of the Receipt template and its size. You may offer two types of Receipts to your customers - a simple one that only states the basic information about the transaction and an Itemized Receipt that gives the other party a detailed description of the items they have paid for. Ask the client what document they prefer or need for their internal records before you send them one or print out a Receipt once the payment is confirmed.
- The contents of the Receipt will depend on the nature of the transaction between the parties, and you are free to add the particulars you consider necessary; however, at a minimum, it should identify the seller and the buyer by their full names and contact details, indicate the date, time, and location of the transaction, list the goods and services that were sold and rendered and briefly define them, point out the delivery address and the requests made by the customer if necessary, record the number of identical items in the Receipt, include the price of every unit and the total sum of money the client pays, and specify the sales tax and the method of payment that was used.
- Use the Receipt to promote your organization if you have enough space in the document - for instance, most companies insert their logo at the top of the page to boost brand awareness. You may also use the other side of the Receipt or the bottom of the document to inform the customer about special offers and discounts you provide to every client or your loyal customers after several transactions. Make sure the instrument also indicates different ways to contact you - your principal place of business, website, and social media accounts so that retail customers and potential business partners alike know how to reach out to you quickly.
- Verify the authenticity of the document and the details listed in writing by using a traditional stamped seal or a digital signature - this will prevent the other party from altering the Receipt in the future. You should think about digital sealing - it will ensure you monitor every transaction for a potential audit and create an electronic trail for every aspect of the document management system.
- Draft two copies of the Receipt - one will remain in your records while the other belongs to the individual or entity that has made the payment. Ask the recipient of the document to sign both Receipts - this acknowledgment will prove they are satisfied with the transaction terms and have no issues regarding the quality of goods or services at the time of the purchase.
What Is the Difference between an Invoice and a Receipt?
When selling and purchasing a product or service, the parties enter into a transaction that constitutes an agreement, which can be verbal or written. The terms of this agreement can be documented with either an Invoice or a Receipt.
While both documents are used in accounting, an Invoice (also called a "Bill") can be used prior to the payment. It is used after a transaction to show the merchandise or service has been paid for. It serves the purpose of tracking a sale. In other terms, an Invoice informs the customer or client how much they owe the seller and when the payment is due. It includes the names of the products or services that the buyer is being billed for and the cost of each item. A Receipt is used as evidence the payment has been made.
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