A receipt is an acknowledgment for a payment received in paper or electronic form. A receipt lists the transaction details as proof that an invoice has been paid, partially or in-full.
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IRS Requirements – It is required for businesses to save receipts for a minimum of three (3) years.
- What is a Receipt?
- How to Write a Receipt
A receipt is a written statement that records a completed transaction with an acknowledgment of payment received. A standard receipt will list all details of the transaction, including, but not limited to,
- Amount Received ($);
- Payment Type;
- Description of the Service, Goods or Rent; and
- Who Accepted the Payment.
How Long to Keep a Receipt
According to the IRS, a business should keep their receipts for three (3) years. If a business claimed a loss for any tax year, then the receipts for that year must be kept for seven (7) years.
Source: IRS – How long should I keep records?
The main difference is a receipt is only given after payment has been made and an invoice is a demand for payment.
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- Invoice – Issued to demand payment.
- Receipt – Issued after payment is made.
A receipt is made after a transaction has occurred that details the price of the goods or services along with any taxes, discounts, shipping fees, or other line items. A receipt from a traditional cash register is made from thermal paper with heat being applied as the “ink”.
The fastest way to make a receipt is to download templates in Adobe PDF, Microsoft Word (.docx), Open Document Text (.odt).
There are two (2) ways to scan a receipt:
Using a mobile app is the easiest way to capture a receipt and save for your records. The top three (3) apps for taking photos of your receipts are:
- WaveApps – iOS – Android
- Expensify – iOS – Android
- iScanner – iOS – Android
Using a physical scanner is a traditional way to store receipts. The receipt will need to be laid down on the scanner and can be saved to a device or USB stick. The best places to get a physical scanner are the following:
Download: Adobe PDF, Microsoft Word (.docx) or Open Document Text (.odt)
To complete a receipt the following information must be entered (see image below):
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- Receipt Number;
- Amount Received ($);
- Transaction Details (what was purchased?);
- Received by (seller);
- Received from (buyer);
- Payment Method (cash, check, credit card, etc.);
- Check Number (if applicable); and
- Credit Card Details (if applicable).
Download: Adobe PDF, MS Word (.docx), OpenDocument
Updated: January 1, 2021 Home » Download Free Templates
In today’s modern age of computing, everything is automatically processed by the computer, this includes receipts. Most shops have a POS system that will generate everything from monthly sales to weekly expenses. If you’re still into manual receipts, here are some free receipt templates.
Alternative 2020 Article ➤ 32 Free Invoice Templates In Microsoft Excel And DOCX Formats
These simple free receipt templates works best with Microsoft Excel and Word. Ideal for those running a small business that lack the financial resources to use complete system such as QuickBooks or any bookkeeper software for accounting purposes. Below are a list of Printable receipt and downloadable receipt.
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↓ 01 – Download Microsoft Office Word
Give customers a sales receipt when purchasing products from your company. Search for Simple Blue design to find additional matching templates.
↓ 02 – Download Microsoft Office Word
Employees receiving petty cash should fill out this receipt form. The accessible template has space to record the date, receipt number, amount, description, and names of employees who received and approved of the petty cash distribution.
↓ 03 – Download Microsoft Office Word
Create sales receipts for your customers using this basic accessible template that features a blue gradient design with tables showing the quantity, description and total.
↓ 04 – Download Microsoft Office Excel
Generate a detailed receipt using this helpful template. Includes formatted fields for taxes, discounts, unit price, subtotal, and more.
↓ 05 – Download Microsoft Office Excel
Give your customers an itemized receipt for items they purchase from your company with this template that calculates the total and sales tax. Replace the logo with your own for a professional look.
↓ 06 – Download Microsoft Office Excel
Give your customers an itemized receipt for items they purchase from your company with this accessible design-coordinated template. Search for Simple Blue design to find additional matching templates.
↓ 07 – Download Microsoft Office Excel
Submit your business travel expenses with this official looking report; it has space for employee information, detailed expense list, and approval.
↓ 08 – Download Microsoft Office Excel
Your non-profit organization can customize and use this receipt template to acknowledge patrons’ donations that may be tax-deductible.
↓ 09 – Download Microsoft Office Excel
This Basic rent invoice has two copies per page. The style is neutral to accommodate any type of rental business and landlords.
↓ 10 – Download Microsoft Office Excel
Designed by Hloom, this is a simple rent receipt and invoice template.
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