Product Purchase Receipt Template

A product purchase receipt is issued whenever a buyer purchases an item/product or a service. In general, such a receipt basically contains name and details of the seller, name & details of the purchaser, time and date of the purchase deal, details of the product or service purchased, pricing and amount of money paid in return for the purchase, and mode of payment. A product purchase receipt is a confirmation of the purchase deal.

Admittedly, a product purchase receipt is considered an essential piece of document for the concerned parties. For the seller, if it is an individual or a company, such a receipt is taken as an important accounting document. Similarly, for the buyer, such a receipt is a tool to check and confirm that the product or service purchased is as he desired on his terms.

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In today’s commercial settings, a product purchase receipt is customized as per the seller and purchaser’s needs and requirements. More important to note is the fact that now such a receipt is not only utilized in retailing transactions, but also for business to business transactions, for example, those involving buying of equipment or raw materials in B2B case scenarios. Therefore, this further signifies the importance of a product purchase receipt in the business world.

Definition of Receipt

A receipt is defined as a formal acknowledgment of receiving a commodity, service or payment. It is a written or printed document that is signed by all the parties involved to give it a legal binding and enforcement.

Purchase Receipt

A purchase receipt is a document that is issued whenever a customer purchases a product or service. The basic information that must be added in a purchase receipt may include the following heads:

  • Name and details of the Store or seller
  • Name and detailed information of the Purchaser
  • Time and date of the Purchase
  • Details of products or services purchased
  • Pricing and amount of payment
  • Mode of payment

Advantages of a Purchase Receipt

A Purchase receipt is a very important and beneficial document. In most companies, it is treated as an accounting document. The purchase receipt may not only be restricted to retailing but businesses may also act as a purchase of equipment or supplies.

  • A purchase receipt template may be used for the creation of customized receipts.
  • A purchase receipt template may have various functions like helping and supporting the verification and audit process.

It acts as a written proof that a purchase has been made and a financial transaction may have been carried out. Both the parties involved i.e. buyer and seller can use this written proof any kind of claim settlement or dispute resolution. It also allows them to maintain a record of their buying activities. It is a very useful and beneficial document.

Since this receipt carries out the specifics of the purchase deal conducted, it is thus treated by the seller or buyer as a means of settling any claims or dispute as well. Since the receipt layout all the details of the purchase, it is only wise for the concerned parties to revisit it in the case of any conflict. In legal issues, as well, this receipt is a “contractual” document between the buyer and seller; binding them together to perform their duties, and in the case of any deviation, to enforce upon them the terms of the receipt as laid out. Thus, a product purchase receipt is central to a purchase deal; not just at that moment but for future purposes as well.

Preview

Product Purchase Receipt Template

Microsoft Excel Format Receipt | Total Size 45 KB | Download

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