- DOCUMENTS
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- Receipts 1 6 1 – Smart Document Collections Pdf
- Receipts 1 6 1 – Smart Document Collections Free
- Receipts 1 6 1 – Smart Document Collections Etc
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Are you a budding entrepreneur new in this business domain? If so, then, while working with your clients, you must have come across the issue of keeping receipts. As a seller, you might need to provide document to your customer stating that you have received the payment from him and sale has been finalized. This document is given in the form of a receipt which serves as an evidence in due time.All businesses must keep receipts for managing their finance strategically. Well, there's lot to know about these documents. Let's scroll down.Receipt definition
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A simple business document, receipt, shows the proof of payment by your client. A receipt contains information on goods and services transacted including all other related information in details.Typically a receipt contains:- Date of purchase, and time of transaction
- Products and services purchased
- Cost of the purchase
- Discounts if any
- Taxes involved
- Mode of payment
- Name and address of company
- Other relevant information
Why are receipts so important?
Receipts like invoices play a very important role while assessing the financial stability of a business and its smooth management.There are four major reasons to justify:To prepare financial statement:
These documents work as evidence to prepare financial statements of your company. At the end of the month or year, you would have a clear picture of the progress of your brand. Assessing whether your company has made more profit or not would be more accurate and justified.Also, these will help you make certain decisions in your business regarding further financial planning as well as customer service.Tracking deductible expenses:
Again coming to money management, it is important to keep monitoring your deductible expenses. These expenses will continue to add on to your expense chart and hence, you must have a systematic record of where the money is flowing. This allows you to identify the strengths as well as weaknesses of your company.To authorize a product purchased:
If somebody has purchased a product from your company, a receipt will authorize that sale. During further transaction, a refund or an exchange, this will help as a proof or reference. Also, if there is any return of product, like in a garment industry, this very document will authenticate that the product has been bought from your company. Moreover, in that case, you would also have to make the update in your original directory. So, a proper receipt is a must.Being professional:
No receipt only mirrors the image that you are not professional. Will any company wish to make further deals with someone who is sort of unprofessional? Perhaps not! So, providing receipts for your sales will make you more responsible and of course professional as your clients can use these documents as business write-offs.Besides these, there are other important benefits like –- It makes meeting financial commitments easier
- If you apply for a loan or want to sell your business, these receipts will help you in the process.
- With these documents, distributing profits to your shareholders becomes easier.
- Most importantly, you can avoid over or under tax payments.
- For any warranty associated with a good or service, a receipt will again be evidence.
Receipts 1 6 1 – Smart Document Collections Pdf
Different types of receipts:
Receipts 1 6 1 – Smart Document Collections Free
Receipts can be of different types depending on various business requirements. They may vary according to products or services. However, as lot of information has to be there in it, so having a professionally designed document is very important. Well, let's have a look at the various types of receipts.Rent receipt:
As the name suggests, rent receipt is the document of paying a rent in full for a certain time. If you are the landlord, it is imperative to issue a receipt and also keep a record of it, in case any dispute arises further. This document records that the landlord has received the payment from his tenant. What details are included in this receipt?- Name of tenant and landlord both
- The date of payment
- Total amount paid
- Time of stay
Gross Receipt:
Gross denotes total. So, a gross receipt is the document of total amount received by an organization from all its sources. However, no expenses will be deducted in the grand total which again includes rents and interests. But there are certain things that are excluded. Gross receipt is prepared during the yearly accounting period of the company. More clearly:Inclusions in gross receipt:- Operating receipts (coming from core operations of business)
- Non-operating receipts (coming from activities not part of core business operations):
- Real estate rents
- Dividend income
- Interest income
- Royalties
- Commissions
- Refund of tax
- Sale of scrap
- Donations
- Deduction from adjustment to sales prices (Ex- Sales Discount)
- Appreciations of property
- Sales tax collected on govt.'s behalf
- Revenue coming from sales of fixed assets
- Withholding taxes from staffs
Cash receipt:
- Paying rent
- Interest on investment
- Additional fund for business
- Payment on credit purchase, etc.
- Cash against credit from customers:
- Sources other than sales: