Writing receipts is a process which many businesses will need to do, for their own and their customer’s records. Receipts vary in their content and style and there is no set standard.
A receipt is a document which is provided by a business to its customers every time a product or service is sold. It its a buyer's proof of purchase.
Typically it will show:
It is usually supplied at point of sale in either paper or electronic format.
It is advisable for a business to issue some form of receipt to all customers. This is supplied whenever a customer pays for goods or services offered by a business. A receipt could be simply signing and dating an invoice to show that it has been paid.
A receipt is also important documentation for maintaining your business records and preparing your tax returns, so it is vital you keep copies of these filed away safely.
If you sell a product or service the receipt you provide to your customer should contain the following:
There are various ways a receipt can be issued. A receipt can be issued on paper or electronically. It can be handwritten or typed.
Many small cash register contain built-in printers for producing receipts. They also have software that allows you to programme tax rates and codes straight into the register, so all the calculations are done automatically.
Also, digital receipts are an option - this method of supplying a receipt is becoming increasing more popular. Once produced, the receipt is emailed straight to the customer. This website offers a range of templates for customising.
If you don't have software to produce a digital receipt, then a handwritten receipt will work just as well. A receipt book can be purchased easily from a stationers and usually offers two copies per receipt (one for the customer, the other for your records). Alternatively, there are plenty of receipt templates available online that you can download to use or you can create your own template from scratch, in Microsoft Word for example.
It is advisable to keep records of all receipts for the same length of time as other business documents are retained (which is a minimum of six years).
If your business is registered for VAT you will need a copy of a valid VAT receipt when you come to claiming back the VAT.
The step-by-step guide takes you through:
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VAT registered businesses charge VAT on their sales and may be able to reclaim the VAT charged on their purchases and other expenses.Read more
AAT Essentials are one-day finance training programmes ideal for business owners who are looking for a better understanding of key financial processes. Finance for non-financial managers will help you to understand basic financial documents used in business.Read more
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