A sales receipt is a transaction document that the seller issues at the time of sale to verify the offered product or service and the amount the buyer paid. You need sales receipts for tax estimation and inventory management, while your customers can use them for payment or accounting purposes.
Receipts are provided only after the goods and services are fulfilled, and the customer has paid in full. In some cases, the company might issue partial receipts. This can happen when a customer is paying for a high-priced item, or when payment is made on a recurring basis. This usually indicates the receipt with the remaining balance. The record of sales is important for your business, and your clients need verification of payment. That is why a sales receipt enters the picture, a simple document covering the transaction details.
How to Create a Sales Receipt in EXCEL
We have created a very easy-to-use tool for managing small business activities. Firstly, this template can be used in financial matters at a small scale, for example, sales management. You can easily transform this worksheet into a working sales receipt. It minimizes the effort and time wasted on other resources, thus making the sheet cost-effective.
This sales receipt can be either sent to the client in hard or soft copy i.e. via print or email. This template is with latest format, layout and formulas. The most favourable part of this sheet is, it offers more than one way to work – creating a receipt is no exception. So, you can either use available templates from MS Excel or create a receipt on your own.
Categories to add in a Sales Receipt
Your Company’s Name, Addresses, and Phone Number
Transaction Date
Quantity of Goods
List of Goods purchased by Customers
Tax if required
Description
Total Bill that includes- Unit Price, Discount and Line Total
This template is very helpful for those who are not well aware of the format of the sales receipt. Moreover, save your time by downloading a readymade template.
Similarly, this sales receipt template enables the user to make use of sales receipts very easily. Customize the template to make it more suitable for business, marketing, sales and organizations.
Importance of Sales Receipt
Writing down your sales reports not be the most exciting activity in the sales world, the sales data from these reports is vital. They can show how well individual reports are performing. Helps to identify your most valuable sales. This report tells how well-qualified the leads are.
The essential purpose of this receipt is to register all the details of the sale conducted.
Creating sales receipts is something inevitable for a business it helps the business get away from the legal complications. It enables businesses in keeping the register effectively.
Reasons that people should keep Receipts
Sale receipts are an important part of the CRA’s financial register-keeping requirements. For instance, it is helpful to record your sales and the tax you charge customers. This receipt helps you file and pay taxes accurately. If your company issues CRA-compliant receipts for every transaction, this automatically creates a paper trail. In the case of an audit, this paper tracks help you prove your sales and tax numbers.
For Budget and Reconcile
Proof of Purchase and Warranties
For verification of Major Expenses
Return and Exchange
Tax Deductions
