A cash receipt is an instrument which is a proof of giving or receiving a cash payment for products purchased or services rendered. The purpose of cash receipts vary regarding your work or business but on a broader perspective, a cash receipt is used for record keeping. This record can be used for making budgets, planning inventory and making yearly feasibility reports.
Business Cash Receipts
Cash receipts can also be termed as a short binding agreement between the vendor and the payee. These receipts are also very important when calculating earnings and expenditures of a department or a company for profit loss statements or filing tax documents.
Typically the format of a cash receipt has a generic set of values and fields. The cash receipts have following fields and information :
- The name of the company and address
- The logo of the company
- The date of the receipt
- The receipt ID
- The name of the individual or company from whom the cash is received
- The amount of cash received
- The purpose of the transaction
- The signature or stamp of the company for authentication of the receipt
For large companies with inter department transactions, the name of the department and the name of the person responsible for the approval is also mentioned on the receipt. Sometimes the cash receipts are pre printed in bulk and sometimes if the data is computerized, these receipts are printed at the time of need from already saved format available in the company or department’s database. The generalized format of cash receipts with inclusion or exclusion of any special fields and their printing method is determined by the size of the company and purpose and frequency of using or issuing these receipts.
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