13 Oct 2022
Sales receipts are an essential component of business operations. If you work in the retail industry, their presence is even more prevalent, due to which business owners might take retail receipts for granted.
However, it is essential to pay close attention to your receipts system if you are running a business because every piece of information on it can affect your accounting and, more importantly, finance. So, this article will shed light on what retail receipt is and how you can utilise it.
What is a Sales Receipt?
A retail receipt is a record of sale issued by the seller at the time of a transaction to verify the products and services the buyer purchases. There are many purposes attached to receipt issuing. Let’s say, sellers need them to calculate taxes and manage inventory while customers use them for reimbursement and accounting.
What are the Types of Sales Receipts?
Either physical or digital sale records can be under one of the following types:
- Handwritten receipts: These receipts are written usually by service providers outside a retail setting. For instance, after unclogging your sink, a plumber will hand write you a receipt.
- Paper receipts: This is the most popular form of receipt which can be found in, for example, grocery stores. It is a printed slip of paper you get with a purchase, as a proof of a financial transaction.
- Carbon copy receipts: These copies are seemingly the oldest version of receipts, which enable manual creation of two copies of the same record. The practice of writing two separate same records is troublesome, hence, most receipt notebooks have a carbon layer that drafts the writing onto another sheet, so that both the seller and buyer can keep a copy.
- Packing slips: Also known as a packing list, a packing slip indicates added information to facilitate delivery and customer relation management such as SKU numbers, returns/refund policy, etc. You can normally find it attached to the outside of a package.
What should you Include on a Sales Receipt?
Designing a retail receipt is effortless. Therefore, just make sure that it includes the following must-have information:
| Transaction Information | Business Information |
|
|
Why should you Issue Sales Receipts?
It’s crucial to have a written record of all company transactions. Some commonly cited advantages of this practice can be:
- More Accurate Bookkeeping: Due to their ability to create a written record of every sale, receipts serve as the cornerstone of your accounting system. Hence, copies of all sales receipts, whether printed on paper or provided electronically, should be kept in a file system. Your accounting software will automatically save this data for you to use in financial records and cash flow reports in the future.
- Easier Inventory Management: Creating and keeping receipts can help with inventory control. Receipts can be used as a record of transactional data for analysis of what and when products are selling. This aids in determining product demand and future forecasts.
- Better Aligned Legal Purposes: Receipts can be seen as a protective shield for companies in the event of disputes with customers. In case your company gets sued, you might need to consult sales receipts. These display the time and date you provided your services in addition to a timeline for any work finished. Because they include payment terms, invoices are very valuable for following up on overdue payments.
Which Software is Used to Generate Sales Receipts?
Now that you know how important it is to implement a receipts system to your business, fetching reliable software is another thing to take into consideration. The POS system integrated with other tools as Synergix ERP software provides you a well-rounded solution to facilitate your business management. Also, our Synergix Accounting module with “E-Invoicing via InvoiceNow”, can help businesses gain benefits from electronic invoicing too. The module will enable you to get paid faster, reduce cost and paper workload, and transact internationally easier. Additionally, our dedicated team will aid you in applying for Singapore government grants with funding of up to 70% qualifying cost.
Want to get a free demo and consultation? Feel free to contact us!
