A payment receipt is an important document that is used as proof that you have made a payment in exchange for goods and services. This is necessary for every person to get a payment receipt to verify the status of payment against goods and services. Usually, people ignore the importance of receipts after shopping at grocery stores but this is not good because, in case of any defective product, you will surely require a payment receipt as shopping proof. Payment receipts are frequently used in business organizations for the delivery of products and other independent transactions as proof between both parties. Some organizations combine payment receipts with invoices by making a notation about payment at the bottom of an existing document.
Basic Purpose of Cash Receipt
The basic purpose of a payment receipt is to verify the amount and products or services. It contains the name and address of the store, date of shopping, description of items, and price of each item. Sometimes some taxes are also included in the amount of payment according to the shopping of products such as with the shopping of credit card. Payment receipts are equally important for both common consumer and business buyers. Business payment receipts also include the same information that ordinary payment receipts carry. Some business payment receipts include an invoice number or commodity codes according to the common practices of business. Payment receipts are equally important while booking a vendor for a special event because the payment receipt serves as proof that payment was made in the past.
Here is a preview of this Cash Receipt Template,
Benefits of Cash Receipts
People who still have a question “Should we ask for payment receipts” will understand the importance of payment receipts after reading below mentioned benefits:
Price Adjustments
With the help of payment receipts, you can ask for price adjustments from the shop owner in case of any overpayment. You can go to the store and can show proof of overpayment to get your money back.
Return of Defective Items
Sometimes after coming home, you realize that the product is not according to your standard or there is any defect in the item. In this situation, you will surely go back to the market to return this defective item and in this situation, you must have a payment receipt otherwise you will not be able to get a refund.
It is especially important while purchasing electronic items because these items carry more value and there are great chances of defects in these items. You have to get and maintain payment receipts to replace your product with in warranty.
If you are purchasing clothes for your sister in her absence then do not forget to take payment receipts because these will help you to alter the size or color of clothes according to the choice of your sister or friend.
Payment receipts help you to maintain your monthly budget because, with the help of old payment receipts, you can get an idea about the expenses of the upcoming month. It helps you to cut down some expenses according to their importance.
Here is the download link to this Cash Receipt Template,
