Receipts

Generating receipts is an essential practice for all businesses. It helps you keep accurate records, serve customers expertly and maintain transparency. If you have such business ethics, you cannot overlook the importance of having a quality and professional receipt book. Let us explore more!

A receipt book is a book that contains receipts. To understand it, you should know the concept and its types. It is a written or printed acknowledgement that some value is transferred from one party to another. Receipt for payment comes in different forms as per the business type and requirements. However, some of the standard components include the name or UPC of the product, its quantity, price, total price with tax included and date of purchase. You will also find the business details like the name of the business, address, email address and contact information on the receipts. It works as an official sales record for a company. So, if you are in need of a new one or want to replace the old and unprofessional one, here’s the guide to get a new one.

Things you need to know about payment receipts

If you are making a huge amount of sales, shipping products, taking payments, and sorting taxes daily, it might be difficult for you to keep track of things. An excellent way to sort all the activities is by having a receipt book. A receipt is an umbrella term for all kinds of documents and even electronic references that record transactions. Some of the examples are sales receipt, order receipt, purchase invoice, credit card slips etc. However, all these are not the same. Like, a full invoice has every sales information you can think of, but in a simplified one, you can just let some details go like the quantity of each item, rate of discount per item etc. If you plan to buy a receipt book online in the UAE, go through the guide below.

Difference between official receipt & sales invoice

A lot of business owners remain confused about these terms. Sometimes, you will find people using them interchangeably. However, they are different! So, in simple terms, an invoice is in use for the sales of goods. On the other hand, an OR, i.e. official receipt, is for the sale of services or leasing of properties. It also works as an acknowledgement that the payment has been collected. If the service was on credit, then the service provider can issue a billing statement of service. On receiving cash, an official receipt is issued. So, you need to bring a receipt/invoice pad as per your business requirements.

Understanding cash receipt & cash voucher

As the name suggests, it is a printed statement for the cash received in a transaction or sale. Usually, sellers give a copy to the customer. Another copy remains with the seller for accounting purposes. It would generally include the date of the transaction, amount of cash received, name of the purchaser, a unique number that identifies the document etc. Cash receipt books play a crucial role in the financial transactions of a business. A cash voucher is a standard form that people use to document a petty cash payment. They are useful when someone needs to withdraw cash from the petty cash fund. In this case, the person fills out the cash voucher and mention the reason for the withdrawal.

Benefits of sales receipts or bills for a business

Not just customers, sales receipt is a valuable tool for businesses as well. It helps you perfectly keep financial records. This is a way to know how much your business earns in a week, month or year. If the receipt book has numbers, it will prove to tax agencies and accountants that all the sales have been recorded. It also helps shopkeepers stay protected from potential scams and shoplifters. For example, a shoplifter may steal a product and later return it to earn cash or credit points. However, if you issue receipts in your daily business process, then you can save yourself from such risks.