Creating a good sales receipt is one of the first exercises when becoming an entrepreneur. Of course, you can use any boilerplate receipt provided by office supply companies, but you're here because you want to make a customized receipt for your business.
You want to make a sales receipt so that you can show your customers an excellent record of the goods or services that they have purchased from your company. Customers save these receipts and expect to exchange them in the case that they are not satisfied or want to return your products or services. Customers will be much happier with this peace of mind, but they have the proof of purchase from your company.
You’ll need to do all of the proper research and homework first, but this template will give you a head-start and a useful framework. You should always consult a lawyer, though, before finalizing any contracts.
Other related types of receipts are the bill of sale or the invoice. Depending on the scale of the goods or services offered to the customer, you may need to offer one type of sales receipt or another. This template’s sales receipt is for smaller transactions, such as in retail or from merchants directly to the customer. As an entrepreneur just starting, you might have made some sales already without a receipt. It’s common for small businesses, especially in the food industry, not to offer receipts. This is a choice up to you as a business. If you want to upgrade your professionalism as a company and eventually scale-upline, a sales receipt is the right place to start.
A sales receipt is an ideal document which serves as the proof of purchase for the person making the transaction. A sales receipt may be required in particular states that collect taxes on the type of transaction made. For example, as a new breeder wanting to sell a litter of kittens that were just born, local government authority may require you to retain sales receipts and pay a specific fee every time you make a sale. Of course, you may need to follow other types of regulations and hold individual certificates and other paperwork. A sales receipt is just one of those types of paperwork that allows your company to track future transactions. Sales receipts can be electronic or printed on paper, so really an ideal medium is the PDF document.
The sales receipts will often include some of the legal information about your company or organization and the standard information about the buyer. Especially if the purchase is above a certain threshold, for example, $5,000 in some jurisdictions, the sales receipt may need to be duplicated if on paper, or available to both the buyer and the seller in electronic form. That sales receipt will include the name, phone number, address, and some identifying number, relating to both the company selling and the buyer.
These types of sales receipts are done to provide some degree of traceability of the transaction. They often need to trace the transaction for tax reasons or enforcement of other business requirements for government authorities. In the case of a dispute, the ability to trace the transaction allows both parties to leverage. If the company finds that the payment was not made for a transaction, they have some proof that the transaction occurred and can pursue damages against the buyer.
If a separate contract was enacted during the sale and purchase agreement, that sells and purchase agreement may include warranties on the company’s goods or services to the buyer. Those warranties generally require some type of form as a bill of sale, invoice, or sales receipt. The sales receipt also dictates the date and time of the deal, which Maybe crucial because of the expiration periods or cool off periods involved in the contract.
In the case of particular services being ordered, sometimes the sale receipt is used to calculate the services’ pricing. The sales receipt may have the current pricing one specific quantity of items or services. The purchaser or the seller needs to multiply that number by the number of products or services purchased. This not only makes it convenient for both parties but also standardizes every transaction and minimizes the case of errors.
From company to company, small purchases and transactions are often made using credit. A credit line can be extended between one company to another if the companies are trusted to pay after a certain period. This allows companies to perform faster transactions between each other and to separate the payment process from the transaction process. Companies may make a ‘purchase order’ for procurement: a specific type of form internal to the company authorizing the purchase for a particular item.
After the purchase order is made, a procurement representative or other employee of the company can send the vendor’s fulfillment offices’ purchasing requirements. The vendor may have their own separate purchase order form, linked with the buyer purchase order. These forms often include different dates, but one identification number or purchaser PO number can be used to verify the purchase on the payment side. The purchaser PO, vendor PO, fulfillment forms, packing lists, inspection forms, acceptance forms, invoice, and payment statements can be made all with the same identifying number tracking the purchased lot.
Payment terms are another element that is often added to the end of the sales receipt. The words can include rules for paying by check, place to deliver payment, or the name to write out the receipt to. For companies that offer credit lines, the type of terms, like “net 30” might need to be included there. It’s a courtesy, not a legal contract, but a repetition of contract terms for convenience to the buyer and seller.
As you can tell, purchase orders and sales transactions can be complicated, tricky items. Proof of purchase, traceability, and proper documentation is always useful for any goods or services. As you scale up, you’ll also scale your documentation more. Starting only, your sales receipt is an excellent step towards making your customers happy and increasing recognition as a reputable company, with secure and traceable transactions. Offer convenience to your customers, and watch your reputation begin to rise. Get started today with this simple template.
If you have received or desire to issue any legal document, you must consult a lawyer. Kdan Mobile provides this template for educational purposes only, and you are always responsible for creating any legal agreements you sign. By clicking "download," you agree to indemnify and hold harmless and inure Kdan Mobile for any damages incurred due to the use of the said template for commercial purposes.