Many businesses find that using a receipt book is the best way to track purchases. While it may not be as speedy as using a cash register, using a receipt book minimizes errors and keeps a hard copy of all past transactions on hand.
Businesses that use purchase books are ones that do not have electronic cash registers, only accept cash as payment, or simply enjoy the ease of manually processing their customers' orders. Whatever the reason may be, using a receipt book is quite easy.
When choosing an invoice book, you will need to make sure that there are two copies for each transaction; one for the customer and one for you. Your copies can be left in the receipt book until it is time for you to add up your sales.
Always be sure to write firmly with a dark black or blue pen so that the writing will show up on both copies. You want to ensure that you will be able to read what was purchased, and for how much, during your accounting periods.
To use your order receipt, start by filling out the date of the transaction. If you are having an item shipped, use the shipping date instead. You should also be sure to include the name of the employee who handled the transaction. This allows you the chance to talk to the employee regarding any questions or concerns about the transaction.
You will then want to record what items are being sold. If you know your products through and through, you can use abbreviations for various items. However, being as clear as possible about the items being sold is best so that any of the employees can look back at the receipt example and know what was sold.
Better yet, be sure to write down any necessary product numbers or model information that can be referred back to during inventory. Write clearly and skip a line between items if needed.
Receipt books also include a space for the quantity and price of each item, so be sure to fill in the information accordingly. You can easily multiply the quantity of the items being sold by the price of each item. Then write the total amount of each item in the last column. When all of the products have been successfully written down, you can add up the totals to gather the subtotal. The subtotal will go at the bottom of the invoice receipt.
You will now need to calculate the tax due, which varies by region. The best formula to use to calculate tax is by taking “1 + sales tax in decimals x subtotal.” Then add the tax to the subtotal to get your grand total, which can be written at the bottom of the order receipt.