A Receipt is a written document that affirms that a valuable item/ service has been transferred from one party to another.
It achieves this by highlighting all the elements of the transaction made, including the date of transaction, the amount transacted, the details of the parties involved, etc.
A receipt template is a form used as a reference for creating different receipts for different requirements. This may include receipts for rent payments, sale receipts, rent receipts, and general receipts for any kind of transaction for goods or services.
Usage of a Receipt
A receipt is used to record full details of the transaction made. The transaction date, the amount paid, the purpose for the payment, and the name of the person who makes the payment is documented in the receipt. Purchase and sales receipts can be used as a model of record-keeping for businesses.
Other receipts, such as rent receipts, can be used as evidence of the landlord’s income during the tax payment period. Â For example, a landlord uses a receipt to document rent transactions between them and their tenants and uses the receipts to keep track of their income to pay taxes. In some states, tenants can use rent receipts to obtain government assistance or financial help. It is therefore vital that the landlord issues the tenants with rent receipts upon every rent payment to avoid legal complexities.
Due to the stated reasons, business owners should always issue receipts after every transaction is done.
Tip: International Revenue Service (IRS) advocates that a receipt should be kept for not less than three years. In cases where a business incurs a loss for any tax year, all the receipts for that year should be kept for seven years.
Types of Receipts
There are varying types of receipts, depending on the purpose served by each.
Below are the types of receipts that are commonly used:
Business receipts
A business receipt confirms payment for a product or service delivered by an enterprise, often issued after an exchange is completed. For example, companies usually need a receipt to return or reimburse a transaction. In addition, a receipt may be required for tax purposes to establish purchasing legality.
Download: Microsoft Word (.docx)
Car (vehicle) receipt
Car receipts are of different types, depending on the transaction done or service offered involving a vehicle. For example, a car receipt is proof of payment for a car's sale, car hire, parking fee, towing, car wash, etc.
A car sales receipt records a complete description of the vehicle, including its model, year of manufacture, color, and odometer reading. The Department of Motor Vehicles (DMV) requires these details to facilitate vehicle registration.
Download: Microsoft Word (.docx)
Cash payment receipt
This receipt shows that a purchase transaction was paid for with physical currency due to the absence of electronic evidence of a cash payment. Therefore, the seller should retain a copy of the receipt for record-keeping.
A cash payment receipt can be used when documenting deductions on income tax if the payment made qualifies as a tax-deductible purchase.
Download: Microsoft Word (.docx)
Cleaning receipt
The cleaning receipt demonstrates that a company or an individual has received their payments after offering cleaning services successfully. In addition, it specifies the date on which cleaning was performed and indicates all the details regarding the payment, including the tax rate, method of payment, the total sum due, etc. The client may benefit from maintaining the cleaning receipt in cases where they wish to claim a refund.
Download: Microsoft Word (.docx)
Credit card receipt
A credit card receipt is an affirmation given by a seller or a bank to a credit card holder in exchange for a payment or a purchase made with a credit card, either for a single or for recurrent transactions (Weekly, monthly, quarterly, annually, etc.). Usually, a credit card receipt is a little piece of paper recording the transaction amount, the day on which it happened, and a merchant or bank name or shop number that took payment for it. Credit card receipts typically contain a list of products purchased, although certain sellers offer receipts showing the total fee alone.
Download: Microsoft Word (.docx)
Delivery receipt
A delivery receipt is a document indicating the type and volume of items that have arrived at a given destination—the purchaser signs on the delivery receipt to confirm that the items have been received.
Download: Microsoft Word (.docx)
Deposit Receipt Template
A deposit receipt, also known as a down-payment receipt, is issued to a person after making partial payments, after receiving funds, expecting the payment of the remaining balance amount to be made later. The information recorded on a deposit receipt includes the date and time of payment, the amount paid, and the account into which the funds were disbursed.
Download: Microsoft Word (.docx)
Earnest Money Deposit Receipt Template
The earnest money deposit receipt is issued to a real estate property buyer after the property seller receives the earnest deposit, and it binds the parties involved (buyer and seller) into an agreement. The terms of the agreement are that if the buyer fails to complete the transaction, the property will be returned to the seller. On the other hand, if the seller tries to nullify the contract, the buyer can sue the seller for a particular performance, which can legally compel a sale and damages.
Download: Microsoft Word (.docx)
Event payment receipt
The event payment receipt is proof of ticket purchase given to attendees of events such as music concerts, seminars and conferences, galas, product launches, and conventions by the event's coordinators or accounts team. Attendees of an event are usually required to purchase tickets and may be charged for additional fees or services. The actual sum owed and a description of each fee charged to the attendee will be written on the event payment receipt. In addition, some events are tax-deductible if they are held by a 501(c)(3) organization, so the attendee should keep this receipt for their records.
Download: Microsoft Word (.docx)
Hotel receipt
A hotel receipt is issued after a guest has settled the bill. The receipt should include the guest room charges and any additional charges such as minibar services, meals, parking fees, and any other costs imposed by the hotel. This type of receipt can be used by any private hotel, inn, motel, etc.
Download: Microsoft Word (.docx)
Itemized receipt
An itemized receipt serves as proof of purchase for a range of items, and it is usually given to the customer after a successful payment transaction. Each person engaged in the transaction is identified on the receipt, including an itemized list of each item sold. The list should also include the price per unit, the details of each item, and the quantity sold, as well as a complete tax or discount summary.
Download: Microsoft Word (.docx)
Medical bill receipt
It is a bill issued in a medical institution following the payment of medical and treatment fees. The receipt indicates the cost of each service offered, the drugs administered, and other items used on the patient to give the patient a complete breakdown of what they have paid for. The patient can maintain the medical bill receipt to claim compensation from a health insurance firm or apply for tax exemption during the tax payment period.
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Paid (in-full) receipt
After completing a financial transaction, a paid (in-full) receipt is issued to satisfy the total balance payable. The receipt serves as proof of payment for the total amount owed. The recipient should sign the receipt upon the payment of the total amount owed.
Download: Microsoft Word (.docx)
Receipt book
A receipt book is a stack of three receipts that are spread out horizontally to form a receipt booklet. Punch holes should be made on the receipt book for easier binding when necessary.
A copy of the receipt should be retained for record-keeping purposes if the receipt is issued to a client after payment. Making a note of the receipt in a transaction booklet or using carbon copy receipts will help with this.
Download: Microsoft Word (.docx)
Rent Receipt
A rent receipt is a remittance slip given to a tenant by the landlord of a rental property whenever the tenant pays rent. A rent receipt assists both the landlord and the tenant keep track of all rent payments made by the tenant.
Download: Microsoft Word (.docx)
Sales receipt
A sales receipt provides the buyer with documentation that they made a purchase, what they bought, and how much money they paid. A sales tax may be imposed depending on the goods being purchased and the location where the transaction took place.
Download: Microsoft Word (.docx)
Security deposit receipt
A security deposit receipt records the amount paid, payment date, the person who made the payment, the method of payment, as well as providing evidence that the security deposit was paid and received by the landlord. The security deposit should be refunded to the tenant at the end of the tenancy, as required by state legislation. Therefore, the tenant should maintain the security deposit receipt and use it to claim a security deposit refund at the end of the tenancy.
Download: Microsoft Word (.docx)
Packing slip
A packing slip is a document that lists all of the items included in a package. Packing slips indicate the Stock Keeping Unit (SKU) numbers, weights, measurements, the number of units packed, the price for each item, and the total price for the packed products. Shipping departments utilize packing slips to determine what inventory has to be shipped out in order to complete an order accurately.
Download: Microsoft Word (.docx)
Blank receipt
A blank receipt is a receipt template that any organization can use to develop its payment receipt. It has the same essential components of identifying the parties involved, the amount of money paid, the payment method, and the reason for payment. A blank receipt template can be modified to incorporate any additional information that the parties deem necessary.
Download: Microsoft Word (.docx)
Donation receipt
A donation receipt serves as official proof that a donation has been made. The receipt may be used to claim the donation as tax-deductible by someone who has donated money or personal property. A receipt detailing all donations made throughout the year can be produced to provide the total annual contribution of one donor, whose total value can then be deducted from their gross income.
It is necessary for a charity to complete the 501(c)(3) donation receipt whenever they receive donations valued at $250 or more.
Download: Microsoft Word (.docx)
Key Elements of a Receipt Template
A receipt serves as documentation to confirm that a valuable item/ service has been transferred from one party to another.
For a receipt template to meet the need of documenting a transaction in its entirety, it should bear the following vital elements:
- Name and address of the payment recipient
- Name and address of the person making the payment
- The transaction date
- A receipt number
- The amount paid: It is the total amount paid in a given transaction. The amount should be broken down to show the amount for each item included in the receipt. Where applicable, VAT imposed and any discounts offered should be indicated.
- The justification for payment: This refers to the reason for payment. Usually, a breakdown of all the items covered in the transaction is highlighted in this section, showing a brief description of the product and quantity sold.
- The mode of payment used: This refers to how payments were made. It can be by cash, credit card, electronic means such as PayPal, etc.
- Signature or initials of the payment recipient: The signature or initials serve as proof that the parties involved completed the transaction as expected.
How to Fill a Receipt Template
Receipt templates are easy to fill out. Begin by writing the name and the contact information, including its address and the phone number. This should be followed by adding the transaction date on the receipt, details of the person making the payment, and the unique receipt number. The details should cover their address and contact information as well. The total amount of money paid should be then be written, and how the mode by which the payment was made. This is followed by a brief description of the reason for payment, and it should indicate the items sold/ services offered. Finally, the party issuing the receipt should sign it or write the initials of their name.
How to Make a Receipt Template
It is straightforward to create receipt templates with MS Word without having to download any specific software.
After you’ve opened MS Word, follow the steps below to create a receipt template:
- Click the File button in the top left corner of your screen, and select New from the drill-down menu. This will bring up a selection of several categories, each with its own set of templates.
- Find the receipts category in the search box and choose the type you desire.
- Select the template that best meets your requirements.
- Edit the contents of the chosen template and adjust it to meet your requirements.
- When you’re done, proofread the result and save the file on your PC.
Free Templates
Following are some free downloadable receipt templates for you:
Frequently Asked Questions
How to scan a receipt?
There are two ways by which you can scan a receipt:
a. Using a mobile App. It is the most convenient approach to scan a receipt and store it on a mobile phone device.
b. Using a physical scanner. The receipt should be placed flat on the scanner. After scanning the receipt, the soft copy can be saved to a storage device such as a memory card or a flash drive.
What is the difference between an Invoice and a Receipt?
An invoice is a demand for payment provided by the seller after the sale of goods or services has been completed but before payment has been made. Essentially, invoices are utilized to make sure that the seller receives the payment. On the other hand, a receipt is a document providing written proof, either in paper or electronic form, confirming that a valuable item/ service has been transferred from one party to another. Receipts often include information about the goods/services sold, such as quantity, pricing, discounts, and information about the method of payment used in the transaction.
Difference between an Online receipt and a paper receipt?
An online receipt is a digital/ electronic version of a receipt, while a paper receipt refers to the hardcopy version of a receipt.