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 itemized 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 regular basis or “one time only” basis. People in the professional world, understands its importance but still many other individuals are not giving it desire worth. However, these receipts are an essential part of business trading either in cash or credit. The most significant role which a bill receipt pays, is serving as legal evidence of transaction. And which later can be used at any court of law at any country, in case if required.

Difference Between Bill Receipt and Bill Invoice

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

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

2- Payment Confirmation: The real difference among 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 case of a bill receipt, it will issue only once in transaction 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. A professional format can serve its advantages therefore, a complete receipt is mandatory in all aspects. Underneath are given 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 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 in the end of the table, where special instructions regarding payment or packing can be written. This space further can be used to note down terms and conditions of transaction.

7- Last but not the least, a bill receipt must have signatures of authorized individuals of the organization. A computer generated bill receipt does not require 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.