What is Receipt Template?
Receipt Template is generated by Receipt maker tools i.e. an online tool that allows you to create Receipts within a web browser. They follow a certain template to ensure that one does not forget to include important details when filling out the Receipts. They are not like invoicing/time-tracking apps like Zoho Invoicing because Receipt generators are single-purposed as they simply help ones to create a Receipt and do not have any advanced features like time-tracking, financial accounting.
Making A Receipt using Receipt Generator
While making a receipt one has to follow step by step instructions that will show how to create an invoice including all the elements of a professional receipt.
While creating an invoice for the first time, you will need to add some information to the blank receipt template.
- Add your company details including the name, phone number, and address
- Fill out your client’s details including name, email, phone number and address
- Add items along with its description, rate, and quantity
- If applicable, enter the tax rate, type of currency, and discount amount
- Write payment instructions i.e. mode of payment and terms related to payment
- Customizing your Receipt template invoice by adding a logo and brand colour.
Components of Receipt Template
The Main components of Receipt Template Invoice is as follows:
- Header: It clearly states the purpose of a document. Including a header allows you and the client to tell them apart quickly. This will save you time when reviewing the records.
- Company Name and Details: When creating a Receipt invoice, one should include the legal name and contact details of your business. Company information is written on the top of the invoice to have a clear distinction between the company providing the goods and client.
- Client Name and Details: It clearly states the name and contact details of your client. It should include an address, phone number, and email address of the client.
- Invoice Number: It is the unique number of that invoice that can help keep track of multiple invoices.
- Date: It is important to include the date that each invoice is issued. This can clear up misunderstanding when the same customer receives multiple invoices.
- Description of Goods or Services Offered: It includes name of goods or services, unit price of goods and quantity of goods.
- Itemized Fees: Itemized Fees includes any tax, shipping and handling, or extra fees that apply to the goods or services provided.
- Balance Dues: It will calculate the total balance due from the line items you entered.
- Payment Instructions: One can also add mode of payment whether it is cheque, cash, bank transfer or credit card.
- Terms and Conditions: The terms and conditions of payment on a receipt template is the part most frequently overlooked. The terms and conditions can be varied by industry, company’s policy, or previous history with the customer.
Benefits of Using Receipt Template Generator
Using Receipt Template, it improves your productivity, efficiency and accounting practices. It is more important that how you are presenting your bills significantly which influences how urgent your customers regard payment, more professional your invoices look which will helps improving company’s image and its branding.
- Improve your efficiency: If you are proficient with the Microsoft Office Suite, you may create your own invoice template. Most modified templates require updating and adjustment for each new invoice created, and they often do not calculate running totals or sum-up all the lines the way you wish. When you download templates, you can set the parameters so that the software does all the calculations as soon as you enter the name of customer and other information.
- Improve your productivity: Creating your own invoices does not represent the best use of your time. Most templates allow for routine sum-ups of billing and payments, and most are compatible with other business software, making preparation of profit and loss statements and forecasts more efficient and accurate.