Sales Receipts

Accounting and finance are two of the most important departments or functions in any business organization. Wherever there is an involvement of money and financial transaction, there is a need for keeping an account of such transactions. This way you can keep track of the business wealth, income, and expenses. The accounting function has many standard operating procedures that need to be followed diligently with every business activity. In addition, every operation or transaction is also coupled with a supporting text document. One such document is the Sales Receipt.

What is a Sales Receipt?

A sales receipt is a document that evidences a sales and purchase transaction. In other words, it is an acknowledgment that a sale has taken place between two parties. A sales receipt showcases and outlines certain specifics of the sale in question.

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Whenever a sale is made in an organization its detailed information and occurrence are recorded through the creation of a sales receipt. This is an accounting document produced at the time whenever a financial transaction takes place.

Most sales receipts thus include the date and time of the purchase of the product and/or service, the monetary amount that was paid for it, the name or location of where the purchase was made etc. While these are termed as the basics and essentials of a sales receipt, in today’s time, however, where the dynamics of sale and purchase market have thoroughly evolved and progressed; sales receipts now tend to carry additional supplementary information as well.

In most cases a sales receipt contains the following information:

  • Name of product and service sold to the customer along with model numbers and codes if applicable
  • Date of making the sale
  • Time of the financial transaction
  • Location from where the products or services are purchased
  • Discounts offer to the customers
  • Mode of payment
  • Any other relevant sales terms and conditions including return policy and exchanges

These are basic terms and conditions that are attached to the sale made. These may include but are not limited to, return and/or exchange policies and timelines queries related to a defected product or service, franchise or branch of business and much more. Therefore, it has now become an accepted norm in the business world that most of these sales receipts are electronically printed out, with such supplementary information, which is quite important and crucially forms the crux of the sale made, printed at the back of the receipt.

As a token of acknowledgment, this sales receipt acts as a conduit between the seller and the buyer to assert their rights if a conflict arises at some later stage. For the seller, it is a tool indicating that he sold his product or service at the stated terms and conditions. For the buyer, it is a certificate that he accepted the product or service at the given printed receipt. Thus, in times of conflict, both parties resort to sales receipts for resolving as this document intends to act as a testimony of their mutual consent when the sale took place. This is why, courts of justice, also place importance on a document like sales receipts in case of any conflict or dispute. All in all, it is correct to state that sales receipts are an integral part of a sales transaction.

Any organization that is at the start of its business operations will require having a sales receipt template. The sales receipt template will help it create its own document according to its needs and requirements. The design and format of this document should be easy to comprehend and contain the relevant information.

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Sales Receipt Template for EXCEL

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Sales Receipt Template Free

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