A bill receipt template is a software copy tool which is applied to create or generate new bill receipts against the transaction happened on a specific date and time. Basically, it is a handy document which itemizes different inventories, either purchased or sold with actual price and quantity. Similarly, these bill receipts are also generated against services which are rendered either on a regular basis or on a “one-time only” basis. People in the professional world understand its importance, but still many other individuals are not giving it their desired worth. However, these receipts are an essential part of business trading either in cash or credit. The most significant role in which a bill receipt pays, is serving as legal evidence of transaction. And which later can be used at any court of law in any country, in case if required.

Difference Between Bill Receipt and Bill Invoice:

A bill receipt is mostly considered the same as a bill invoice. However, it is slightly different for many reasons, but it is mainly used to complete a transaction. For instance, a bill invoice generated means either a product or service is given but unpaid or an amount against service or inventory is received but not delivered. However, a bill receipt confirms the product or service is delivered and payment is received. In terms of usage, an invoice and receipt are both totally different from each other. A list of differences is given below for your ease:

1- Description: A bill receipt has a full description of the inventories or services which are being sold or rendered, whereas a bill invoice does not require you to have a full description of a transaction. It may only include what is left to complete the transaction.

2- Payment Confirmation: The real difference between a bill receipt and a bill invoice is the confirmation of payment. A bill receipt issued from the system means the transaction is completed, and the account is continued. Whereas, a bill invoice generated clarifies the amount of payment is not received or services are not delivered.

3- Multiple Usage: A bill invoice can be generated against the terms of the business transaction, and it may again reissue on another specific date. But in the case of a bill receipt, it will be issued only once in the transaction’s life and when it is issued, it means a business transaction is closed.

Tips to Create or Prepare a Bill Receipt:

A bill receipt, either prepared in MS Word or Excel, must have a state-of-the-art content and layout. Only a professional format can serve its advantages to users. That is the reason why a perfect receipt is mandatory in all respects. Underneath are given a few worthy tips, in case if you are planning to prepare or design your own bill receipt.

1- A bill receipt should be considered vital when you are involved in dealing with business transactions, especially where cash is either debited or credited by using a cash receipt.

2- A standard bill receipt format must have a date and time on it, either handwritten or printed.

3- The name of the issuing organization or business should be used in bold font and style. It should be included in the header area of the receipt, where it can easily be read out.

4- A bill receipt must have a table-based format where necessary information regarding inventories or services along with each and total of quantities and price is given.

5- A description segment can be placed before or after the table where a comprehensive note can be written regarding the transaction. Usually, it is given before a table with five to six-line writing space.

6- A separate space should be given at the end of the table, where special instructions regarding payment or packing can be written. This space can further be used to note down the terms and conditions of the transaction.

7- Last but not least, a bill receipt must have the signatures of authorized individuals of the organization. A computer-generated bill receipt does not require a signature, if it is printed on letterhead or official paper of an organization. However, it must clearly be written on the receipt at the bottom.