An expense receipt template is just like a normal receipt which anyone can receive on purchasing something from a shop or a company. The difference between an expense receipt and a normal receipt is that the expense receipt is made for employees or any staff member of an organization on a purchase they make on behalf of their director. These receipts are important because they verify the amount spent on the purchase and other aspects such as the date on which it was made, quantity of product, tax inclusion and paid amount. Other than verification, they also provide legal proof to the executive when the employee asks for reimbursement. In most companies, it is a basic rule to always provide expense receipts when asking for reimbursement.
Importance of Expense Receipt
Expense receipt template is mostly attached along with the expense report, which summarizes all the expenses they incurred during a monthly. Both of these documents are submitted to the manager of the organization at the end of the month. The company checks the expense receipts and compensates the workers according to the authenticity of the expense along with the receipt as per their expense policy. Nowadays, since the use of technology is at its peak, most employees prefer to email the expense report to their employer. In this case, the expense receipt is also attached as an extra file with the report. Expense receipts are mostly in paper form, but we can easily take its picture and attach it to the email. However, some companies still require a manual receipt to reduce the chances of fraud.
Tips to Prepare an Expense Receipt?
Expense receipts have a facile and simple format which can be prepared by anyone on MS Excel sheet. The receipt should include a table which has specified headings and columns. The other few things that do need to be considered while making an expense report are as follows;
1. The name of the company from which the product is being purchased from, and their contact information, should be provided in case of return or exchange of product..
2. Address of the company or organization that sold the product.
3. The name of the cashier (optional).
4. The date on which the product was purchased.
5. The receipt number.
6. Name of product that was purchased and its brief description.
7. The quantity in which each product was bought.
8. The amount of tax included on each product.
9. The total amount paid on each product.
10. The overall total amount spent on the whole purchase (sum of amounts of all individual products bought).
Other Uses of Expense Receipt
Expense receipt templates are also used by students, daily based labor and other people of the community because most of these people have to keep a track of their monthly expenses. The receipts are saved up till the end of the month and then attached to an expense report. Most of the businesses provide expense receipts to their buyer on each and every purchase. However, if they do not provide the receipt, the costumer has the legal right to demand a receipt.
Templates for Expense Receipt
