Payment Receipt is a written document that will indicate the time and date of purchase, number of items purchased, quantity, unit price, price totals, contact details of the company where the purchase was made, and any other relevant information related to the purchase. This short document holds vital importance to keep record of the purchase to prevent any future conflicts and confusions.
We discuss about some key elements and format guidelines about Payment Receipt document:
The Payment Receipt will include details of the person who made the purchase. These details are important especially in the case where the goods will be returned for some reasons, and then the buyer should produce a receipt with their full details such as the buyer’s name, contacts and signature.
The seller’s information should be included in the Payment Receipt to indicate the store where the purchase was made. This information will include company or seller name, contacts, location, street, city and address.
Date of Transaction:
The date and time which the goods were purchased is very important to be included in the Payment Receipt. It will be helpful especially to the seller for record keeping, and they will be able to keep track of the inventory stock.
This section of the Payment Receipt will fully describe the items been purchased in terms of model, color, the year of manufacturing, and any other relevant information about that particular item.
Unit price for every item will be clearly indicated in the Payment Receipt so that the buyer will understand each item and their prices accordingly. Unit price is also crucial to the seller so they can keep records where they can refer to in the future in case they want to reduce prices on the particular items.
This is a small detail but very important. A Payment Receipt should have a receipt number that is unique. This is what makes every receipt different from the rest. In case where items purchased are similar then the receipt number will help you differentiate them. It is also important for record keeping when you want to refer something, you do not have to look page after page; you just use the receipt number and go straight to that page.
This will show the quantity of the items purchased. It is important to include quantity column in the Payment Receipt; this is helpful for inventory stock control. It is also used to confirm the totals of the purchase; if the quantity and the unit price are correct then the totals are accurate.
This will confirm that the buyer has made the purchase. By putting signatures on Payment receipt, they agree to the terms and conditions of the company in regards to that particular purchase and confirm the payment is made.
Here the seller will commit themselves to take full responsibility of the purchase. Seller signature also indicates that the Payment Receipt is valid. This is to prevent the employees from committing fraud using the company’s documents like the Payment Receipts, and makes the receipt more authentic.
Sample Payment Receipt Template Download