You’re a business owner. You know that there are certain tasks you need to do on a regular basis and one of those is managing your receipts. But what’s the best way to go about doing it? If you were wondering, we have an answer for you!
This blog post will show you how to fill out a receipt book and we’ll even provide some tips on different ways to store them as well as some other benefits of using this method.
How to Fill Out a Receipt Book
Step 1
As a business owner, when filling out the receipt book, always remember to make two copies of each transaction. One copy will go to your customer and the other one stays with you.
Your copies can be left on your receipt book until you start doing an accounting of your sales.
Step 2
When filling out receipts, it is important to use a pen with black or blue ink. This will ensure that your writing is clear and easy to read.
When writing down entries, be sure to do so firmly and steadily, so that the original and duplicate copies are both easy to read.
This will make it easier for you to keep track of your purchases and amounts later on for accounting purposes.
Step 3
Start by writing down the date that the transaction was made. From there, fill in the following information:
-The name of your business or legal entity
-The person to whom it is being sold, their title, and any identifying information they provide
-How it is being delivered, either by mail or in-person
-The date it’s being delivered
-Any other information which may be pertinent to the transaction, such as a purchase order number.
When you’re done, make sure to sign and date the receipt. If your receipt needs to be sent back to the customer for any reason, include contact information so they can easily reach out to you
Step 4
Your completed purchase data should be included as well. You can use certain abbreviations for your products that you already assigned them (for example, “Music Player 3” might be changed to Mp3) and which are understood by both yourself as well as any employees in charge of filling out these forms.
Step 5
Includes quantity and cost per item. Doing this will help you keep track of your expenses and see how much money you are spending. As a business owner, it is important to be aware of where your money is going.
Keep in mind that the total sum of all the items should be entered in the last column of your receipt book. This will give you an accurate sub-total for the receipt book.
Step 7
Finally, you would write down the amount of tax due at the bottom of your receipt.
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How to store a Receipt Book safely
The receipt book should be stored in a safe place where it will not get wet and the pages will not get torn.
Store the receipt book in a desk drawer
A good place to store a receipt book is in a file cabinet or in a desk drawer. If you are going to store the receipt book in a desk drawer, make sure that the drawer is not too full so that the receipt book can be easily accessed.
Use folder that is specifically designated for receipts
Another option is to store the receipt book in a folder that is specifically designated for receipts. This will help keep the pages of the receipt book organized and easy to find.
If you are going to store the receipt book in a file cabinet, make sure that the cabinet is not in an area that is prone to flooding or water damage.
Consider the Climate
Another thing to consider is the climate of the area where you live. If you live in an area that is hot and humid, the receipt book may become damaged if it is stored in a very humid area or if it is exposed to too much heat.
If you are going to store the receipt book in a place that has an extreme cold, such as a freezer, make sure that it is completely sealed before doing so. If the pages of the receipt book get wet and not sealed properly, they can stick together and rip when you try to open them.
Make a Copy
It is also a good idea to photocopy the important pages of the receipt book, such as the receipts for large purchases.
This will help protect the receipt book in case it gets damaged or lost. Keeping a copy of the important receipts will also help you keep track of your spending and make it easier to return or exchange any items that you have purchased.
The Good News
Although receiving a receipt is vital when it comes to keeping track of your spending, business people don’t need to keep their receipts forever.
The good news is that if you invest in some file folders labeled for specific purposes, such as car repairs, groceries, or entertainment, and store all of your receipts in these folders on a regular basis, you only need to hang on to the originals for a year.
After a year has passed, you can get rid of the old receipts by shredding them or burning them (if they’re made of paper).
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Final Words
By following these simple steps, you can ensure that all of your payments are properly documented. This will help you keep track of your expenses and make it easier to file your taxes at the end of the year.
