Sales receipt is a document that typically contains date and time of purchase, details of item purchased, purchase price of items and totals, obligatory information about the return policy of sales and method of payment. Sales receipt helps you to calculate sales tax on the products and it will help you to create a summary of sales income and sales tax owed. Sales receipt will help you to record daily or weekly sales and presented to those customers who make full payment against purchase. If customer pays some advance then it will not be good to use sales receipts. Sales receipts are only used in cash sale and require full payment at the time to record sale. If you want to satisfy all customers and want to maintain accuracy of sales registers then you have to design a standard sales receipt.
Uses of Sales Receipt
- It will be used at the time of full payment against goods and services.
- It is necessary to track total sales of the week, day, month and annual year.
- It will help you to track sales tax you collected and owe.
- It is essential to create daily or weekly summary of sales income and sales tax owned instead of on “per sale” basis.
- If you are using sales receipt then there is no need to accept advance payment.
- There is no need to track what your customers owe you.
Businesses Using Sales Receipts
Beauty sales, pet groomers, newspaper stands, dry cleaners, restaurants, cloth merchants, grocery stores etc. use sales receipts to track the accurate record of the sales of their business. If you are a vendor offering supplies, retail store or gas station then you will use the services of a sales receipt. Sales receipts are individualized according to the required information of the company according to its needs.
Contents of Sales Receipts
- Sales receipt should contain business name, address, contact details and URL of the company. It should contain your logo because it will serve as best marketing tools for your business. It will be an official norm to include a public service greeting or a thank you note for the customers for business with you.
- Date of transaction is also necessary so list it on the top right corner of the sales receipt. You should mention serial number or transaction number on sales receipt so that you can track any important data without any problem.
- Product description is equally necessary that is often generated from bar coding. This will help you to get the proper record of inventory sold during a specific period of time. The cost of each item should be written on the sales receipt so that you can get the total amount and the percentage of sales taxes.
- You can use POS (Point of Sale) systems to get the electronic record to monitor each and every transaction. It will prove helpful to scrutinize the stock or keep a log on inventory in an automated fashion.