Writing a receipt by hand is now a day considered as an old fashioned or pretentious. However, customers will always appreciate that you took the extra step of ensuring that they have a record of all their expenses. Even the more significant business with automated checkouts will, at times, experience internet service failures and power outages. Instead of losing such a business, you can choose to write the receipt for the sale of goods through hand if you do not handle large purchases and sales.
A payment receipt is therefore defined as a document that is given to a customer as proof or partial or full payment for the service or product purchased.
What is Included in a Payment Receipt?
While there aren’t any specific requirements for what details have to be included on the payment receipts, typically it will include the following:
- The seller’s logo or name
- A clear label
- The invoice number
- Date of payment
- Amount received
- The remaining due amount
Why Provide Payment Receipts
Providing accurate receipts comes with many benefits for both the customers and you as the merchant. The practice guides your reputation as a merchant. The sales slip presented shows your customer that they have received all the goods as well as services that they had purchased and at the right price. The payment receipts also act as a document that specifies the customer’s preferences. Tracking your customer buying patterns and preferences helps you in tracking your inventory and plan your restocks.
In addition to ensuring that you comply with IRS and industry standards, the payment receipt also does the following:
- It protects employees against false accusations of dishonest and unfair practices.
- It makes dispute resolution much more comfortable.
- Providing the receipts assists in establishing the warranty start and also expiration dates.
How to Write the Payment Receipt?
For IRS purposes, every enterprise expense payment receipt includes the day, month, and year in which the transaction took place and the list of items that have been bought or service rendered together with the total amount. The industry standards for enterprises also dictate that one should include the enterprise name and the contact information together with the selected payment method used. This can either be cash, money order, check electronic funds transfer, and credit card.
Payment Receipt Templates
Are Payment Receipts Legal Requirements?
In most countries, landlords have to provide a rent receipt in writing once the tenant requests one regardless of the means of payment used by the tenant. Some states will also require the receipts for purchases that exceed a certain amount. To be on the safe side, it is therefore vital to ensure you provide a payment receipt for each transaction. This will help you in meeting the entire legal or even industry obligation within the country or state.
What does a Proof of Payment Mean?
Proof of payment includes payment receipts, bank statements, canceled checks, and credit card statements. A transaction confirmation page or email will also act as proof of payment once the date is included, a list of every bought item or service purchased, and the method of payment used in completing the purchase.
How to Handwrite a Payment Receipts
Whether you choose to use a template receipt or not, you have to make sure you follow these steps when writing a compliant payment receipt:
- Start by writing the receipt number on the upper right-hand corner of the receipt. To eliminate the possibility of providing your customers with the same transaction number, you should always start with 001 and proceed.
- Write the company’s name and the contact details at the top left corner. This has to include your business phone, email, fax, and website, together with the business hours. Such information will establish whether or not the sale was a business expense and help ensure that you get more customers immediately the customer shares the email address with family and friends.
- The next step is to skip a line and start listing every item that has been purchase and a small description of every item. Remember to end the description with the purchase price at the far right.
- Make sure you provide a full-price total before subtracting any coupons. After this, you can add discounts and provide the new total. Also, remember to add the sale tax and the shipping charges if it’s not an in-store procure.
- Finally, include the payment method used and the customer’s name on the receipt. After all, this has been recorded you can now proceed and offer one copy and keep the other for record purposes.
A payment receipt has a vital role in the record-keeping of any business. It ensures that everything sale is accounted for without any difficulty. This, therefore, means that you have to make sure you are in a position to offer and also account for every purchase made.