Running a business involves hundreds or even thousands of business transactions every day. It requires proper bookkeeping to ensure all the transactions are recorded in the company’s accounts. A business receipt template helps in creating these receipts to save all the time and efforts of a company.
Anyone can create business receipts using easy templates from this page. All you need is to click on the Get Form button and you can get the template for business receipt.
What is a Business Receipt?
A business receipt is a document issued by the seller after receiving the payment in a transaction. This is the main difference between a business receipt and an invoice as an Invoice is used to ask for the payment in a transaction. Therefore, businesses create personalized receipts to provide payment proof to the other party.
A business receipt is important beyond just payment proof as it is used in the refund process as well. Additionally, it is used in filing taxes as the ultimate base of revenue and expenditures.
You can find different types of business receipts used by organizations. However, all of them are designed for the same purpose of proving the transaction.
What Should Be Included in a Business Receipt?
You can find different types of business receipts used by different organizations. Usually, they are designed considering the needs and requirements of a company. If a business simply needs proof of payment and delivery, they can choose any business receipt template. However, if they want some personalized business receipts, they will need to add some more sections.
Here are some important things about a business receipt.
Seller’s Business Details: Every receipt must have the seller’s details at the top. It is used to acknowledge that the particular business was involved in the transaction.
Buyer’s Business Details: You must also mention the details of the other party involved in the transaction. It helps in recognizing the in case of a return, refund, discount, or post-sale warranty.
Item Details: It should list out all the items and services included in the transaction. It is important to note that any mistake in listing out these services can lead to a major loss to the company.
How to Write a Business Receipt?
All you need for writing or generating a business receipt is to use the business receipts templates and get the work done within a few seconds.
Follow these steps to write a business receipt conveniently.
Step1- Mention Your Business Name and Details at the top of the page. It must reflect the registered name of the company for legal purposes.
Step2- Mention the Date and Invoice Number that will help you in bookkeeping.
Step3- Enter the buyer’s details who is to receive this receipt. Make sure to enter the correct name and verify it with the other party to avoid any confusion.
Step4- Enter the main details like description, quantity, rate, and total amount.
Step5- Generate 2 copies of the receipt and share the first copy with the other party.
A business needs to keep the business receipts for at least 3 years. In the case of profit-making businesses, the bookkeeping record period is 7 years. Meaning every business must generate receipts for their transactions.