A cash receipt is a document given to a customer after a transaction is made. The vendor will also keep a copy of the receipt so he has a record of goods sold. Cash receipts are important for the vendor because they allow him to know exactly how much is sold and what levels of inventory are needed. For the customer, cash receipts are important because they allow you to keep track of your financial records.
Business Name and Address
At the top of every cash receipt you should see the name of the business that issued the receipt and its address. Sometimes you'll see the name near the bottom of the receipt, but it should be somewhere on the receipt. It's important to have the business' name and address clearly displayed so you know where to go if you have any issues with the transaction.
Price, Services or Products
The cash receipt should list exactly what the customer bought and the price of that item beside it. This component will likely take up the majority of the room on the receipt. This is the most important part of the cash receipt because it allows the customer and vendor to reference exactly what was bought and sold and correct any discrepancies.
Subtotal, Taxes and Total
At the bottom of the receipt, under the list and prices of goods purchased, there should be a subtotal category with an amount. The subtotal is the total of all goods purchased before taxes are applied. Under the subtotal section should be a taxes section. The taxes section will list the amount of tax charged on purchases. Under the taxes portion of the cash receipt should be a total section, which gives the total amount, after taxes, charged to the customer. This is the amount the customer pays.
Under the component of the receipt that lists the total should be a section that records how much the customer paid, and what change -- if any -- she received. This is another very important component of the receipt because it can be referenced if improper change was given to the customer. A transaction record number should also be in this section of the receipt so the vendor can easily reference the receipt number if he needs to later on.
Based in Halifax, Nova Scotia, Jordan Whitehouse has been writing on food and drink, small business, and community development since 2004. His work has appeared in a wide range of online and print publications across Canada, including Atlantic Business Magazine, The Grid and Halifax Magazine. Whitehouse studied English literature and psychology at Queen's University, and book and magazine publishing at Centennial College.