In general, a receipt is a formal document to prove that cash has been accepted by seller from buyer. The simplest example will be the sheet of paper we receive after we make a payment as we shop in, let’s say, department store. The same goes when a business purchases products or services from another business entity. Even so, what is the receipt format for payment received? We can explain it from how the payment receipt is made.
Business Name, Address, and Contact Information
At the top or bottom of the receipt, such information should always be included. This is one of the basics of receipt format for payment received.
Date of Purchase and Customer’s Information
Apart from that, the date when the purchase is made needs to be included too, in addition to the information regarding the customer, especially the name and contact information of customer.
Items Purchased by Buyer
Without a doubt, this is another critical element of a proper payment receipt. Do not forget to include details about the products sold to the buyer, either goods or services, such as model, type, and color of the product or the type of service offered and bought by the customers.
This is another important element in a proper payment receipt format for payment received. Aside from the original price of the item, be sure that any discount, tax, and tax rate are also included in the receipt. The seller is ideally not supposed to write down the final or total price only, since both seller and buyer needs to record such allowance or tax in their books.
Additional Costs Affecting the Price of Product
Additional costs that affect the product price have to be included in the payment receipt too, such as shipping fee. Apart from that, any additional information regarding the payment needs to be stated too, such as the form of payment (cash, credit card, or check). And if the payment is made in installments, state the term.
Other Relevant Information
It is always important to state other information that is relevant to the sale on the receipt, such as warranty information and return policy.
The general receipt document is used by the seller to prove that the seller has received the money. Such receipt, when prepared properly, can always be used as a legal document if there should be any dispute between the seller and buyer.
Today, we can always use the receipt template in any file format we find more convenient with. As a seller, be sure that the template you choose has all the important elements that make a proper receipt format for payment received. Luckily, the templates are always editable and customization so you can add any element you need or edit the existing ones to meet your particular needs seamlessly—in some cases, you can even use an invoice template as a base to create your payment receipt template. A payment receipt is also often referred to as business receipt, general receipt, and general invoice.