Goods Purchase Receipt

A goods purchase receipt is a formal slip, issued by the vendor to the customer, after a purchase is done, or a purchase order is placed. This receipt consists of the significant information related to the purchase such as the total bill, individual good price, purchased items details, delivery or buying details, etc. A purchase receipt is a multipurpose document that serves as a reference for the vendor’s inventory, purchase record of a customer, and template for the invoice, etc.

There are two sections of a purchase receipt i.e. the record of the receipt and record of the individual items and billing.

key features of the receipt

The key features of a purchase receipt are mentioned below:

  1. Vendor and Items Details: The vendor’s company or warehouse from which the purchase is made, is necessary to be mentioned on the purchase receipt. Secondly, the quantity and description of all the items that have been purchased should be enlisted clearly on the receipt as well.
  2. Items Description: These details of the items are more significant for the vendor since it consists of the technical entries of the items i.e. the barcode of each product, the product ID, serial no., batch no., and warehouse reference, etc. This is for the purpose, that the similar products do not mix up and it is easy for the vendor to keep the record of the products
  3. Billing Details: The price of all individual items along with the total price of each item according to their respective quantitates should be mentioned in the currency currently applicable. Moreover, the summed bill of the purchase shall be mentioned at the end along with any discounts (if offered).
  4. Taxation details: If the mentioned prices of the products are exclusive of taxes, the additional tax amount shall be mentioned along with the category of the tax being applied to the purchased items. In addition to that, the company’s taxation number/ID or any other reference signature shall also be stated.
  5. Additional Information: Additional information regarding the status of the receipt or order can be mentioned, for example, canceled, completed or closed, to be drafted, etc. Additionally, it also shows the part of the receipt that has been invoiced.

Significance of Goods Purchase Receipt

The most significant aspect of a goods purchase receipt is that it serves a reference point for both the customer and the vendor regarding the purchase order and the billing details, therefore all the departments involved in the completion of the order must receive a copy of the receipt. A purchase receipt serves the following purposes:

  • The customer can cross-check whether the billed items and originally purchased items correspond to each other.
  • The purchase details from the receipt can serve as a medium for data entry during recording the inventory of the company.
  • The status of the order is mentioned in the receipt which enables the vendor and the customer to track the order delivery status and ensure its delivery in the required time. In case of late deliveries, both parties can be served as a reminder as well. 
  • Another benefit is that the delivered items and purchased items can be cross-checked as well, in order to avoid any mishaps made during the delivery or shipping of the order.
  • The purchase receipt also cross validates the invoice generated.
Goods Purchase Receipt Template for Excel