22 February 2018

Receipt of payment: what is it and how can we draw it up?

A payment receipt is a document that proves that payment for a product or service has actually been made., thus closing the sales process. When referring to goods can serve as proof of ownership, as it is issued by the creditor, who transfers this right in exchange for the payment of a certain price.

It is usual that in a payment receipt, within the balance sheet, information is collected on:

It is not uncommon for such receipts to include full information about the seller or service provider. However, the data it collects about the buyer tends to be more limited.

Differences with invoices and orders

It is important not to confuse this receipt with the invoice. (to expand on this, this article details what invoicing software is).even though both documents are issued by the creditor, in the latter case what is issued is a payment request, which can be set for a determined period, such as, for example, 30, 60 or 90 days.

Nor is the payment receipt the same as the order, since a purchase order authorises the despatch or delivery of products, expressing the decision to pay for them at the agreed price.

The credit note function is the most widespread type of receipt, especially online., where it is used to reinforce the buyer's guarantee and help them justify their ownership of the contract object, should the need arise to present proof.

A payment receipt should contain what data

This type of receipt is more than a purely transactional document, as it helps to improve the relationship between the buyer and the seller or service provider by bringing transparency to the agreed exchange.

While there is no form set out in the Law which they should be governed by, it is indeed important that, when making one, one takes into account:

The need to head the document with a title stating that it is a payment receipt.
The name and business name of the issuer of the receipt.
Include a mention of the reason for the credit or the invoice itself.
The total amount paid by the buyer or service taker, and the amount that would remain outstanding, if applicable.
The means of payment used.
The date on which the payment becomes effective.

Furthermore, there are other elements that should not be missing. These are the following:

The original price of the good or service and any applicable discounts, as well as the applicable tax rate.
Additional costs and surcharges that they increase this price, which must be detailed in the breakdown of the amount. Shipping costs would be an example.
Any other relevant information for the sale, such as the the returns policy or warranty information shall also appear on the payment receipt.