Unlock the Value of Sales Receipts

Sales receipt information

At its most basic, a sales receipt, backed by efficient purchasing software, documents every purchase transaction and is furnished to the customer as substantiation of payment. There are instances when a receipt is issued to document partial payments, like layaway installments or deposits for upcoming deliveries.

However, all receipts contain the following information:

• What the customer bought. This can be goods or a service. Also, the quantity of each item or time spent as applicable.
• Unit price. In other words, how much did the customer pay per item or per unit of time.
• Taxes paid, if applicable. These can include sales taxes, room and meals taxes, or anything else the government requires.
• Total amount of sale, both with tax and without (subtotal).
• Amount and method of payment
• Amount still due, if applicable.
• Receipt number. This is an internal control that you use to match transactions between bank accounts.

Every business must document the cashflow coming in and out of their accounts. In particular, when a business sells goods and services, there needs to be documentation that shows what was sold and for how much. This is the basic information on a sales receipt that documents each customer purchase, and it’s important both for your accounting system and tax compliance.

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