Receipts

It may seem obvious, but the first thing you should do after completing a transaction with a customer is to give a receipt. A receipt is basically a written record that a transaction took place and is a handy document for both you and your customers.

For businesses it means a physical record for accounting purposes in case computer or other records go missing or if an audit is needed. Also, for you and your customers it is a way of verifying what took place in case a dispute occurs. For this reason, it is important that receipts contain the following information:

• your business name, address and phone number - this verifies where the customer bought it from
• what took place - detailed information about what was bought or what service took place limits any later confusion if an independent person (such as a Tribunal) needs to look at what happened. Include the date, price and a description of goods.
• the cost of the good or service and the money paid - it is common for disputes to arise over what something cost and what was paid
• any specific information affecting the transaction - this may include advice about the condition of the good or information about a lack of warranty on certain parts of a service.

It may also be prudent to include your business’s returns and refunds policy on the receipt – this can save confusion at a later stage if goods are returned.