What is a sales receipt and how to create one?
Learn what sales receipts are, why we need them, and what you should include on them.
When you make a sale for your business, you must record it. A sales receipt serves as proof of money exchanging hands. Here we’ll explain the definition of a sales receipt in closer detail and what you should include on it.
What is a sales receipt?
A sales receipt is a transaction record that the seller issues at the time of sale to verify the provided product or service and the amount the buyer paid. You'll often need sales receipts for tax calculation and inventory management, while your customers can use them for reimbursement or accounting purposes. A receipt is different from an invoice even though they're both used in business transactions, because they serve different purposes. An invoice requests payment, while a receipt confirms it.
How to create a sales receipt
It's easy to create a sales receipt whether you use a template or create your own. As mentioned above, a sales receipt includes mainly the details of the purchased goods or services, such as quantity and price, as well as the total amount paid. However, there are other elements to be included on a receipt.
Include at least the following information on your sales receipts:
- Your business name, address, and phone number
- Client information, such as name, address and phone number
- Sale date and time
- Transaction number
- Product or service description
- Cost
- Tax, if required
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4 most common types of receipts
Sales receipts can be either physical or digital. Both fulfill the same purpose and include several receipt types, such as:
- Cash register receipts: This is your regular grocery store receipt — a printed slip of paper you get with a purchase.
- Handwritten receipts: Service providers write these receipts outside a retail environment. For example, a plumber might give you a handwritten receipt after unclogging your sink.
- Carbon copies: These often accompany handwritten receipts. Most receipt notebooks have a carbon layer that traces the writing onto another sheet, removing the hassle of writing two separate receipts.
- Packing slips: Online retailers usually send you both an email receipt and a packing slip that you find in the delivered package. The packing slip often includes additional information, like a return policy.
Sometimes, a receipt may seem very similar to a bill of sale, but these documents are not one and the same. There are a few differences between a receipt and a bill of sale, the main one being that bills of sale don't apply to services.
