Business

What is the Official Receipt of Payment?

Receipt

Today it is very difficult if not impossible to imagine anybody’s life without money. Everyday people make all kinds of purchases, such as clothes, food, household appliances, beauty products, pet supplies, etc. Our world is built entirely on monetary transactions or payments of bills. Furthermore, even without leaving home, you can make a purchase. Just open any application on the Internet, any social network, or platform – and the flow with various offers comes rushing in. What documents should be associated with the purchase and be provided by the seller to ensure that everything is correct? There is a special instrument that confirms financial transactions – a payment receipt.

What is an Official Receipt of Payment?

An official receipt of payment, or a payment receipt, is a special document that the seller is obliged to issue when some goods (clothes, building materials, furniture, stationery, etc.) have been sold. After each payment, the seller is obliged to issue a receipt, where the amount of payment and the name of the service or goods sold should be clearly indicated. This is why it is useful to have a customizable sample of receipt that complies with all regulatory requirements. Moreover, even if you have made a deposit or partial payment for a service or goods, this transaction should also be documented and formalised in the form of a payment document. In this case, the client will have an official confirmation that he does not have a debt, or will understand how much he needs to pay (in the case of partial payment for goods/services).

How Should an Official Payment Receipt Look Like?

Buyers are interested to know what a payment receipt sample should look like because sometimes the documents issued by stores do not meet the requirements. It is necessary to keep in mind that sometimes the seller even “forgets” that it is necessary to provide a payment document. If the company operates legally and does not want to face problems with the law, it usually has a customizable payment receipt template that is used for its daily activities and reports.

An official payment receipt for goods/services should be structured and follow a standardised receipt template. It includes the following components:

  1. Mandatory inscription “receipt of payment”.
  2. The full and exact name of the company that provided the good or service, and its contact information.
  3. The original account number of the company.
  4. Date and time of the payment transaction.
  5. The full amount of the payment made.
  6. The balance of the debt, if any.
  7. If there is no debt and the amount has been paid in full, the receipt should end with the words “bill paid”.

The seller should know that there are special software applications where it is possible to select examples of receipts and create a custom sample of receipt. If you do not want to complicate your life and explore new programs, you can easily create your receipt template in Word or Excel. There you can find special templates absolutely free of charge. You just need to enter all the necessary information into the ready fields and you will get a personalised template for any taste and colour.

Issuing an official receipt of payment is beneficial for both parties because it shows confidence in the seller and his reliability for the customer, and it is a good tool for the seller to help keep proper records of the business activities and an easy way to check his personal accounting.

What is the Difference Between an Invoice and a Payment Receipt?

There is also such a term as an invoice. What is the difference between these two documents? They both confirm the fact of the sale, however, while a payment receipt is issued immediately after a payment has been made based on an invoice, an invoice is a document that means an official demand for payment after the agreement on terms and conditions of the sale has been confirmed.

Should the Payment Receipt Be Checked?

It is important to know what the payment receipt template should look like and what basic data should be indicated in the document. Unfortunately, most buyers do not read or check the information on the document at all. Sometimes such a “piece of paper” goes into the trash right after the purchase, and in such cases, if certain issues arise, it is difficult to prove anything. Negligence of buyers and sellers, and their irresponsible attitude to supporting documents have become the basis for increasing the number of fraudsters, especially on the Internet.

Social networks are full of stories about fake receipts. It is always necessary to check each receipt and its correspondence to the payment transactions carried out. It is necessary to compare the money transfer or cash payment with the amount indicated in the receipt. It is not superfluous to keep the official receipt of payment for goods/services for some time, especially if this product has a warranty period because in the case of a defect, for example, the official payment receipt will be the main evidence and a kind of legal protection. 

Reliable Assistant in Document Generation

A receipt is a document that confirms the success of a purchase. It is quite easy to prepare such a document if you use the ready-made templates on the PandaDoc platform. Here, each user can find a large number of tools that may be required in running a business. The platform offers a large selection of useful features, including payment receipt templates. Here you can generate an electronic signature that can be applied to all necessary documents and receipts. For convenience, all files are saved in cloud storage. Other users can have access to them only after they receive a password from the owner. In this way, all data will be securely protected. It is also possible to keep an account of all clients and quickly find data about them. PandaDoc will help to simplify complex tasks. With it, dealing with clients and documents will be much faster and more efficient. Before choosing a package of tools, you can take advantage of a free trial period. Thus, everyone can evaluate all offers for 14 days and decide what tools are suitable for their business.

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