Using Receipts for Your Business

All businesses need to keep a record of their sales during their busy work week. Receipts are the fundamental tool that is used for this everyday tracking. A receipt serves as a simple confirmation of the money that was spent for a product or service. A receipt is used by businesses to also keep track of any refunds or charge backs that may have happened during a sale. There are a variety of different types of receipts including, sales, and donation, petty cash and service receipts. It’s best to understand the function and type of receipt and how it plays a role in business.

Sales Receipt:

This is the most commonly used type of receipt. A sales receipt is basically a printed or hand-written note that shows what the customer paid for. What is usually on the sales receipt is the name of the company, the amount of items purchased, the date and exact time the item was purchased, the total price and any taxes that are applicable. When a business needs to render a refund or exchange an item, they will need the receipt to recall the item, thus making the transaction easier and less time consuming. Sales Receipt Template

Donation Receipt:

For most nonprofit organizations who hold bizarre or contests, a donation receipt is used by their patrons. A donation receipt is used by businesses to show that they have donated to charity. One of the greatest advantages for business donors, besides benefiting the charity effort, is the tax write offs or deductions they receive from their donation. The donation receipt should have the name of the donor, the value of the goods and services that was received by donor and the value of the donation. In order for the donation receipt to be valid for tax deductions, the donor must be a non profit organization with an EIN or tax number.

Petty Cash Receipt:

A petty cash receipt is something that is very advantageous for both business employers and employees alike. Petty cash receipts keep track of an emergency or small expense that is needed by either the business owner or employee. The petty cash receipt is used to record the employee’s information and what the cash is being used for. Usually on the petty cash receipt there is the company name, date, and amount of money being disbursed and the signature of the employee in need of the petty cash. Petty cash is used for unexpected emergencies such as a late check or an advance that is approved by the business. Cash Receipt Template

Service Receipt:

Most independent contractors, consultants and design service companies use what’s called a services receipt. This is a receipt that records the any type of service that is being rendered from business to business or business to consumer. Web site design, beauty salon, and even home renovators use service receipts. The components of a service receipt include the name of the company, the itemized services, the date and time of service and the amount being paid. An electronic or handwritten signature is usually required by the professional to confirm that the transaction was completed.

With all of the varying needs for receipts, receipt templates are used to lighten the load of tracking transactions. Receipt Templates simply track the main components that are vital to specific types of receipts. The most effective attraction to these templates is the pre designed layout and setup that is already in place each time they are needed. They are ready to print with even the simplest ink jet home printer. If there are any last minute changes needed to the design or layout of any type of receipt, you would simply log in and update it to fit your business. It’s as simple as that! Download some professionally pre designed free receipt templates today to begin tracking your business transactions in a time efficient manner.

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