A receipt is a proof that the payment is made against the goods bought or services availed and can be also presented at the time of refund or return. But do you know how time-consuming it is to write receipts manually?
However, you don’t need to continue using a pen and paper. The advancement of technology brings you a receipt maker! This software helps to create receipts in minutes (sometimes seconds, when there is less information to fill in).
Other than this, how receipt maker helps you, what things to consider, and how to create one is what you must know. So, hang on and get all the wealth of information.
Benefits of Using Receipt Maker Software
Saves Time & Efforts
Automated software for receipt generation would save a lot of time that you would be simply wasting when writing one manually. With the help of software, the tasks of hours are accomplished in minutes.
Saves Recurring Clients
Automated software is worthless if it doesn’t have clients and items saving features in it. Businesses have recurring customers, which is why it is important to have a saving feature. It would be so complicated if there would be no such feature.
Let You Keep Track of Receipts
With automated software, you can keep track of all the generated receipts. The “valid till” element indicates how long the receipt is valid, in case there is a return or refund.
Access Anytime Anywhere
You must use software that is cloud-based, only then you would be able to access or generate receipts on the go. Having such software means you don’t need to visit the office every day.
So these are the benefits of using receipt maker for your businesses. Now that you know how automated software benefits you and your business, let’s know about different types of receipts.
Types of Receipts
There are two types of receipts:
Capital Receipts
These are receipts that are generated for non-recurring income. Such income is generated through investing and financing income. The effect of such income is negative, meaning it either increases the liability or decreases the assets of the company.
The sources of such income are:
- Government grants
- Issuance of debt instruments
- Issuance of shares
- Insurance claims
- Introduction of fresh capital
- Receiving loans from financial institute
Revenue Receipts
Such receipts are generated due to regular transactions of the business. The higher the receipts generated, the better the top and bottom line. However, such receipts are only considered for the current accounting year and are also known as short-term.
The translations through which revenue receipts are generated are:
- Good sold from the stock
- Waste material sold
- Received interest
- Receive rent or dividend
- Services provided
- Received discounts from suppliers
Now that you know the different types of receipts, let’s know how are the receipts created. This information is essential since you would be creating receipts regularly for every single transaction.
How to Create a Receipt Using Software
Creating a receipt using software is far better, easier, and time-saver than writing it manually. You have known this from the start of this article, and since it’s obvious, let’s know how to create a receipt using automated software.
Step 1: Add your company’s logo
Adding a logo to a document offers a professional look. That’s essential since it helps to build trust and brand. With automated software, you just need to select your logo, and it will be added to the receipt.
Step 2: Add your and the company’s address
Next is the address wherein you would add your company’s address and to whom you send the receipt.
Step 3: Add receipt number, date, and validity information
The third area to fill in is the receipt number, date, and how long the receipt is valid. By filling in this information, you would be able to track the receipt and send payment reminders, if not paid on the due date.
Step 4: Add item(s), price, and quantity
This section is crucial since it consists of some significant information, such as items, price, and quantity. You cannot commit mistakes here. On the other hand, filling in this information would automatically calculate the total. Forget your calculator and adopt automated software that does everything for you.
Step 5: Add notes, terms, discounts, and taxes
Lastly, you can even notes for your clients, mentioning details like the last due date or day. The Terms section would add such conditions as paying only online. Other tabs include discounts and taxes wherein you would be given a chance to apply discounts and taxes in percentage or direct amount.
Conclusion
Creating receipts manually takes a toll. Plus, gathering information for this and putting them together in one place is another hassle. That’s where automated software comes to the rescue. Here you are supposed to fill in a few details and the receipt is good to go. Digital receipts are easy to create and don’t require much effort in creating just like the manual ones.
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