A sales receipt template is so much more than just a piece of paper – it’s a critical document that can impact your sales, marketing, finance, and accounting departments!
Here is a closer look at what a sales receipt is, why your business needs them, and best practices for using them on a regular basis.
Here’s a sample Sales Receipt template that can be easily customized and adapted to meet your requirements. It’s free to download and use.
What is a Sales Receipt?
A sales receipt is simply a document created by a seller and given to a buyer after an exchange of goods or a ‘sale’ has been made.
The purpose of this document is to establish a basic record of the sale, including the date that the sale occurred, the quantity and types of goods that were sold, and how much the customer paid the seller. Sales receipts also establish the payment method of the transaction, and they may even include relevant shipping details in cases where goods must be shipped.
Sales receipts are not to be confused with invoices, which can be sent after goods or services have been provided by the seller. Instead, sales receipts are only issued by sellers once payment is received. Traditionally, sales receipts were printed and given to customers on a piece of paper. However, modern sales receipts are often authorized and sent digitally via email as a printable receipt.
Why Do You Need a Sales Receipt?
Reason #1: Receipts establish a record that a transaction has taken place.
In the most basic sense, sales receipts establish a record and paper trail for each payment that your business has received. Having a record of all of your sales transactions not only helps to prevent misunderstandings with your customers about payments, but it is also necessary for both internal and external accounting processes for your business.
Reason #2: They help your business internally track sales, income, and cash flow.
For internal accounting purposes, sales receipts can help you track sales, income, and cash flow regularly. Depending on what type of business you have, your receipts can be reconciled and tracked on a daily, weekly, or monthly basis. Once reconciled, you can then generate internal accounting reports that help to inform your organization’s marketing, sales, and product strategies.
Reason #3: Receipts are required for tax purposes.
In addition to the many benefits internally, sales receipts are also required for tax purposes. If you have a registered business, you must maintain basic business records and keep track of any sales tax that customers have paid to you. Tax and business regulations can differ greatly across countries, so it’s wise to double-check the rules in your local area before customizing your simple sales receipt template.
Reason #4: They are beneficial to your customers.
Remember, your customers are oftentimes other businesses too, and that means that they will need sales receipts from you to track their expenditures. Additionally, they will also need to track sales receipts for tax purposes. For example, if they claim certain business expenditures on their taxes to reduce their tax liability, they will need to have proof of this in the event that they are audited.
Reason #5: They are an opportunity to provide good customer service.
Sales receipts can also be a great way to build trust and provide value to your customers. At the end of your sales receipts, you can provide a message with additional information on how customers can contact your customer service line, follow you on social media, or provide feedback in exchange for a coupon.
Best Practices for Using Your Sales Receipt Template
Make sure to have a place for all required details in your jurisdiction.
When adapting your sales receipt template to suit your business, you will want to research the tax rules and regulations in your local jurisdiction. There may be certain information that you must collect or provide when issuing receipts that are unique to your area, and you want to avoid setting up a receipt that does not work for your region.
Integrate receipt creation into your regular business processes.
A blank sales receipt template means nothing if it is not properly integrated into your regular business processes. You should make sure that all sales representatives in your business not only understand the importance of issuing receipts, but that they have appropriate training on how to document information for receipts correctly.
Maintain a secure backup of all of your receipts.
Neither you nor your clients know when you may be audited by tax authorities, so always keep a backup of your receipts on hand in a safe and secure location. Typically, it is recommended to keep all sales-related records for at least six years, however, many companies maintain records for much longer than this.
Add a personal touch.
It’s important to think of your sales receipt template as another opportunity to engage with your customers and win them over. One of the ways you can do that is by adding a personal touch to each receipt that expresses gratitude and enthusiasm for doing business with your customers.
If you have a limited number of sales each day, you may be able to write a hand-written thank you at the end of each receipt. Alternatively, you can always include a friendly, automated message at the end of each receipt that says a simple ‘thank you’ and signposts customers to your customer service team should they run into any problems.