All businesses need to record sales. First to offer proof of payment to clients and second to keep accounts clear and stay audit ready at all times. This is where sales receipts make an entry. But what is a sales receipt? And, what makes it different from invoices? Well, we will be covering all the related aspects in this blog. Even if you are not a pro, all you will need is a receipt template PDF to get started. 

What is a sales receipt and how does it work?

Well, it is a record of transactions that is issued by the supplier when a purchase is made. It can be a simple email you have sent using your free receipt generator app. Usually, a basic sales receipt template includes the following components. 

  • Address of both parties 
  • Date and time of transaction 
  • The transaction number 
  • Services or items sold 
  • Itemized costs and services 

You may choose or not to add taxes in your free receipt template depending on VAT or other discussed charges. Another aspect to consider is to add discount codes, QR codes, and names of sales associates. 

Can businesses do with a single type of sales receipt? 

Well, now that you know what is a sales receipt, let us move ahead and know about different types of sales receipts. There is no universal format for sales receipt, but here are a few options you can use.

Cash register receipts

Cash Register receipts-What Is a Sales Receipt

Usually, used by food and retails stores, such kinds of receipts are used at the point of physical sales. For this the cash register needs to be supplied with tons of paper. Details like goods purchased, items, prices, date and time of transaction, and payment methods are mentioned in these receipts.

What is a Cash Receipt in Business Accounting?

Handwritten receipts

Handwritten Receipts-What Is a Sales Receipt

Another kind of receipts include handwritten receipts and usually these are carried by sales reps who are on the move. These booklets contain multiple free receipt templates and let them fill in details by hand including contact information and the transaction information. 

Packing slips

Packing Slips-What Is a Sales Receipt

Whenever you make a purchase from online stores, you get two receipts, one after you are done shopping and the other one after you receive your parcel. Packing slips include transaction details and also information on returns. 

Sales invoicing- Why is it needed? 

We hope that you are gradually getting answers to your question of “What is sales receipt” and understanding how to use them for your business benefit. Coming to what is a sales invoice, it is yet another type of receipt that is issued at the point of sale when payments are received. It includes information like date of sales, accompanying costs, and description of goods. Besides, it also includes payment deadlines, payment options, and other relevant information. 

Why should you use sales receipts?

Whether you issue sales invoices or receipts, it is a mandate to keep record of all business transactions. Here are a few reasons you need to provide them:

1. Streamlined bookkeeping

Invoices and receipts form the backbone of your accounting system. Be it in person or electronically, every sales receipt should be stored in a systematized manner. Free receipt templates can help you store this information and make it easy for you to generate cash flow reports.

2. Simplified taxes 

Sales receipts are super valuable when it comes to filing your tax returns. They serve as complete written records of your revenue and help you manage your expenses.

3. Legal purposes

Sales receipts can also help you battle lawsuits and can also show you the dates when you render your services as well as timelines for the work completed. Invoices can come in handy as they can help you chase late payments and address other concerns. 

Also Read: 5 Best Tools for Generating Custom Receipts

Wrapping up 

Small business owners can say goodbye to poorly managed financial records with a free receipt generator app. You must have seen paper receipts lying in shops and restaurants. 

This is one way of keeping them safe and ensuring correct totals. Many businesses even choose to keep them in a receipt box or a  drawer.  

The other method is to use a free receipt maker app and save all digital copies transactions on your device. When you are ready to do your accounts, you can always export this information on a spreadsheet. It is faster and leads to reduced paper wastage. 

The best thing is that you don’t need to wait to shift your information and can keep track of it in real-time. This way you will always have your numbers in check. 

A free receipt maker app also lets you send receipts on the go even if your sales associates are still working. If they are still in the field you can also choose to run sales reports and analyze how their day will pan out. You can let your reps input data and then the program will automatically populate the data for you totally sales. 

Hope you are now clear with what is a sales receipt and its associated benefits. Now, you can easily use a free receipt maker app to make one and build good relations with your customers. So, wait no longer and get a no cost demo for an all-in-one receipt generation tool with Moon Invoice by contacting us at support@mooninvoice.com or +1-805-491-9393.

Download our Mobile App

Play store
App store
Play store
App store

FAQ’s