Are Documenting All Of Your Sales With A Sales Receipt?
The sales receipt is a written document that records the day's sales for a company or a store or other business entity
. Some specialized computerized sales receipts have a facility that records both income and expense accounts and thus shows the balance of each day's receipt as being nil. A typical sales receipt will contain the name of the salesperson and the date of sale as well as contain information regarding the name of the customer and his complete address. Once this information has been recorded, the quantity and description of the item sold as well as its list price and unit will be needed for calculating the line total. Once all the items sold have been entered and their line totals calculated all that remains is to calculate the grand total. Sales tax, if applicable shall be added and after that, the sales receipt should be signed by the person making the sale, to complete the sale.
The sales receipt usually consists of three parts - one part is the original copy, which remains with the cashier, the second copy is kept with the collection unit and the third and final copy is given to the person paying for the items sold. Sometimes, a sales receipt may be pre-numbered and in such cases keeping a complete account of all forms used will be the responsibility of the company selling its items using such pre-numbered sales receipts. In addition, a complete inventory of all receipt forms shall be carefully controlled as well as kept safe.
In case of a voided sales receipt, the company must document such instances as these usually concern corrections that are made to the day's sales, and only pertain to the current date's sales. In addition, these voided transactions need to be approved by a person other than the person who receives the funds prior to completing the transaction.
The customer needs to carefully keep the sales receipt as it will come in handy should he want to return the items sold or make a claim on the seller. It is also necessary to keep the sales receipt safely as sometimes getting a claim in your favor may take time and presenting the sales receipt may be a precondition to getting the refund. The same is the case for returning items bought. The sales receipt is also useful when buying second hand goods, especially motor vehicles. It is necessary to always obtain and keep the sales receipt before paying money for the item bought.
These types of sales receipts should contain the seller's and buyers name and address, details about the goods purchased as well as the sales price. There should also be a seller's declaration that they have received the money equivalent to the sales price, and that the goods being sold are the seller's legal property, the sale is a private sale and finally, the receipt should have the signatures of both parties as well as the date of the sale.
A sales receipt is an important form that can be easily obtained from vendors who sell them for a low price and all one needs to do is to complete the information requested in the form and out comes a sales receipt. There will be no delays and little need to draft a sales receipt afresh as these forms hold all the necessary information and can be put to use immediately.
by: Wade Anderson
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