Are you looking for a quick guide on receipt books? If yes, you’ve come to the right place! Read on to find out exactly what a receipt book is and how to fill it in correctly.
What is a receipt book?
As the name suggests, a receipt book consists of multiple detachable forms of receipt that serve as proof of payment. These booklets are usually pre-numbered chronologically and have the receipt headings in place. You can easily print off a receipt book template online or buy it at any office supply store.
A receipt book is a critical document because it helps you keep track of your financial transactions and serves as solid evidence for tax purposes.
The number of individual receipts in a book can vary from 50 to 200 sets. Commonly, one set of receipts contains two different colored receipts: white and yellow. The white receipt is called the original receipt, which is usually on top and to be given to your customers. Meanwhile, the yellow receipt is a duplicate or carbon copy of the white receipt that the business keeps for documentation.
You can also find sets containing up to 4 different colored receipts on the market. This type of receipt book comes in really handy if your business has many departments involved in the sales process. For example, your business may want to give the white copy to the client, the yellow one to the sales department, the pink one to the finance department, and the blue one remains in the receipt book.
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- The History of the Receipt.
How to fill in a receipt?
While it depends on the template you use for your receipts, there are some essential parts that you see on almost every receipt. Below is a detailed guide on how to fill in those crucial parts:
- Date: Write the exact date at the top page of your receipt when the transaction occurs. It can be the date when you receive payments or when your client receives your products or services.
- Company name and contact information: Most businesses have customized receipt books that have all this information pre-printed at the top left-hand corner of the receipt page. If you don’t have a customized receipt book, you will have to write down your company phone number/hotline and address under the company name.
Feel free to include other details like your website address, social media accounts, or operating hours. On a side note, if you don’t have a company name, it’s recommended to write your own full name instead.
1234 Everett Way
Arvada, CO 80005
- Product details: Write the name of your product on the left-hand side of the receipt. Make sure you also enter a specific description of the product like the size, quantity, color, etc.
If you sell more than one item, list each product individually on one single row or line and leave a good space between each product. This allows you to change or add more information when needed.
- Price: For each item, write down its corresponding price at the end of the row or line. Always remember to multiply the single product’s price by its quantity first if you sell more than one unit of that product.
In this example, a running T-shirt costs $25. This customer is buying two, so you would need to write the total value of two T-shirts, which is $25 x 2 = $50.
- Subtotal amount: the subtotal is the summation of all the items before taxes and/or any additional fees. Add up the cost of each line and write the total number under the list of products on the price column.
- Taxes, additional charges, and grand total: Include any applicable taxes by multiplying the subtotal figure with the tax percentage. Also, add any other additional charges such as delivery fees. List the name of your taxes and other fees on the left side under the subtotal and their cost on the price column.
Now, add all the numbers to get the grand total, or the amount that your customer has to pay. Write the figure you get at the bottom of the receipt. You will always see a designated line to write your totals.
So, there you go, that’s how to fill in a receipt!
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- 5 Tips to Control Your Business’ Expenses.
- The Guide to a Painless Tax Season.
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