A sales receipt is simply a piece of paper documenting the amount you paid for an item or a number of items. Besides the cost of the merchandise, the receipt should have any applicable taxes charged, a subtotal as well as the total amount paid to the vendor.
The sales receipt should be given by the clerk at the same time as he or she gives the customer any change if there is any change to be given. If the clerk does not give the receipt to the customer there could be problems in the near future.
What is a Sales Receipt?
A sales receipt is what is known as proof of purchase. Without this piece of paper, a customer cannot return the item if it turns out to be broken, damaged, torn, or the wrong size, and so on. The receipt provides proof of purchase and that the purchase was transacted at the store the customer is returning the item to.
Also, the sales receipt helps you at tax time when you need to prove you paid for services and products that can be declared tax-deductible. It is proof that you made the purchase at the price you indicated on your tax forms.
Without the receipt, you could not return an item nor prove you made tx deductible purchases.
Sales Receipt Templates
Sales Receipt Vs. Invoice
While some people equate these two items, there are some differences between them that make them different documents. The first difference is that the sales receipt is issued after the item purchased has been paid for.
The invoice is issued prior to payment and lets the customer know how much he has to pay for the products or services he or she needs. Plus, the invoice may not be paid in full at the time of purchase.
A balance may still be showing on the invoice and remains until fully paid, whereas the sales receipt indicates the item has been fully paid for. Those are the differences between these two documents.
There are some similarities as both the sales receipt and the invoice will list the products and services being purchased. Applicable taxes and other fees are also listed on both pieces of paper.
Then the manner by which the customer chooses to pay will be indicated on the sales receipt as well as the invoice. Basically, both documents track purchases and taxes, the number of items bought, and if they have been paid for.
How to write a Sales Receipt
Normally, the cash register or printer will print up the sales receipt but there will be times when you will have to write one out by hand. When that is the case, you have to make sure the company’s name, address and phone number are on the receipt.
That name is usually placed at the top so it is easier to find. Then a date needs to be placed between the company’s information and the list of items sold to the customer. After that, the items need to be listed with the price per unit in one column and the item total in the next column.
Beneath the list of items purchased, the sub-total should be tallied then applicable taxes are itemized underneath that. When that list is done, all the numbers are added up, and the total is placed in the correct space beneath all the details.
The customer’s name, address, and phone number should also appear on the receipt and is usually placed after the company’s detail and above the products or services purchased.
Note: Make sure there is a receipt number as that number is used to track the purchase if there is any question about the transaction, or a return is being made.
Also, the receipt should have carbon paper between each page, so the customer gets one and the company keeps one page for their records.
To some people, a sales receipt is not that important. They toss them almost right away as they know they will not need them. But there will be times you will need the sales receipt, and it would be wise to hang onto the receipt to prove you made the purchase.
These little pieces of paper help out at tax time when you are trying to get a refund instead of having to pay the government more money.