As a business owner, you have to deal with numerous receipts every day. While it’s important to store and keep your receipts organized for accounting and tax purposes, many often neglect or find it difficult to systemize hundreds of documents. However, you can easily get your receipts categorized and neatly stored with some effort and the right knowledge. For example, you might want to try sorting receipts by type such as sales receipts, travel receipts, bank receipts, etc. This article will look in detail at a very common type of receipt — the purchase receipt.
Once you know the features of a purchase receipt, you’ll be able to distinguish them from other types of receipts, ensuring a smooth and orderly system of storing your receipts. On top of that, you will also find useful tips on how to create a purchase receipt if you are a supplier as well.
What is a purchase receipt?
When you receive materials, goods, and services from a supplier, they will issue you a purchase receipt. This is normally done against a purchase order. However, some suppliers still give you purchase receipts without one. Purchase receipts can be printed directly from a cash register or handwritten.
What is the purpose of a Purchase Receipt?
A purchase receipt mainly serves as proof of ownership. This receipt is issued when you accept and pay for goods and services from your suppliers or from you to your customers when they buy your products.
Generally, this document includes details of a specific purchase of a service or product. It also clarifies the contract between you and your suppliers – what, how many, and how much you buy.
Purchase receipts are also kept and recorded for accounting purposes. You can always go back to examine and double-check if the details of transactions tally. By being able to do so, you will keep track of your expenses more accurately and timely and ensure your accounting system runs more efficiently, which leads to better business results.
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- What Is Receipt Management? 5 Best Receipt Tracker Apps For Businesses.
What information is on a purchase receipt?
Though it varies between businesses, a purchase receipt normally includes the following information:
- Date and time the transaction occurred
- Customer information: company name, possibly a contact person, address, phone number, and email address.
- Purchase description: date, purchase order number, quantity, a brief description of each purchased item with prices
- Payment information: payment method
- Additional charges: shipping fee, delivery cost, and taxes
- Return policy. Detailed explanation on how the customer may return, exchange, and/or receive a refund for a purchase
What does a Purchase Receipt look like?
Below is a basic template of a purchase receipt:
A purchase receipt is fairly straightforward, so you can easily customize a template for your business using Microsoft Excel. Many websites on the Internet also have free downloadable templates for purchase receipts. If you need a free Purchase Receipt template, check out these links below:
- 30 Editable Purchase Receipt Templates (Word / Excel).
- 100 Free Receipt Templates | Print & Email Receipts.
- FREE 10+ Purchase Receipt Forms in PDF | MS Word.
Another way to issue purchase receipts is to use paper receipt books. They are widely available online and easily found on Amazon.
How do you write a Purchase Receipt?
There are two main ways to create a purchase receipt: manually (by hand) and digitally.
Write it manually
Make sure you have a printed template ready or a receipt book that looks professional. It’s fairly easy to create a purchase receipt this way as you only need to fill in the blanks with the relevant specific details. Keep your handwriting neat and tidy to avoid any unnecessary misunderstandings. Also, don’t forget to double-check your calculations!
Write it digitally
If you already have a good template prepared, just type in the transaction information whenever you get a new order from your customers and have the receipt printed out. A great tip is to save your regular customer’s basic information in the template, like their company’s name, address, and contact information. Then, you won’t have to spend time typing that information all over again the next time they buy from you.
Alternatively, you can download and use specialized accounting software like Quickbooks, Xero, etc., to create purchase receipts. It may be difficult to get the hang of it at first, but once you get used to it, you will enjoy the convenience and effectiveness it brings.
What is the difference between an invoice and a receipt?
A receipt indicates payment of the items and that the sale is complete, while an invoice serves as a payment request. They both include details of the products ordered, prices, taxing information, contact details, and credits.
Are you tired of seeing paper receipts laying everywhere in the office?
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