Acquiring or buying a product or services for an individual or an organization is called purchase. The invoice or instrument serving as a medium of authentication for this process is called a purchase receipt. Whenever a purchase is made a receipt is printed.
A purchase can be made by an individual from a retail outfit or a service provider. But most commonly these purchase receipts are used between buyers and suppliers.
A buyer can be a retail outlet or an assembling out of the outlet. Suppliers can be distributors and raw material providers. In any scenario, for an individual or organizational capacity, the purchase deed is called the purchase receipt.
What is a purchase receipt?
A purchase receipt is a document that is kept as proof of the purchase that took place in an organization. A purchase receipt can be a handwritten note or a printed slip prepared in computer.
Why is it important to give the purchase receipt to customers?
Whenever there is a purchase of items by customers, the company documents it in an attempt to keep the record of that purchase. Many businesses don’t use the purchase receipt when the transaction is in a very small amount. However, it is important to bring every purchase in writing regardless of how small purchase is.
The purchase receipt is issued to the customer as soon as the customer makes the purchase. It is recommended to most of the sellers to issue this receipt at the time of the purchase.
There are a number of different templates available on the Internet. You can choose a template whose layout and fields fulfill your company’s requirements. Generally, the information that is displayed on the purchase receipt is as follows:
- The name of the seller
- The name of the buyer
- The address of the seller
- The address of the buyer
- The date of the purchase
- The name and code of the product or service
- A brief description of the product or service
- The sum of money as per the quantity of the product
- The grand sum of complete purchase
- The method of payment e.g by cash, by cheque or by credit card, etc.
In the case of purchase between two companies additional information about whether the purchase was on credit to be paid later. This receipt is then signed by the person responsible.
Preview and details of the template
File: OpenOffice (.odt) Writer [Writer] Size 48 Kb | Download
License: ENERGY (Personal use only)
(Distribution) by Kate Elizabeth(CEO)
What are the key elements of the purchase receipt?
The main components of the purchase receipt are:
- The name of the business issuing the purchase receipt.
- The date on which the items were supplied to the customers.
- Details of the products and services purchased.
- Price of each product or service.
- Total bill the customer has paid.
Tips for making purchase receipt:
A purchase receipt is a professional looking document that requires to be created in a formal way so that the business can give its good impression. Here are a few tips that can help you if you intended to create the purchase receipt on your own.
- Include the name and contact details of the buyer should be included in the purchase receipt
- The total amount which the customer is liable to pay should be mentioned in the purchase receipt
- The receipt should mention the deduction details such as tax deductions
- The purchase receipt should also mention the policies of the company in terms of purchasing
- Make sure that you keep the purchase receipt concise and brief
A purchase receipt template is a useful tool for such people wanting to save themselves from the hassle of making the receipt from scratch and wasting their time.