Bill receipts are used in different situations to present when money is owed. The receipt is given as a proof after payment of specific amount of money. Bill receipt is used as a request for the payment and acknowledgment of payment received. Bill receipts support both types of purchases like credit purchases and cash payments for the goods and services. Bill and receipts separately used for two different functions but bill receipts will help you to complement different transactions in the same way. Bill receipts are necessary for the customers who are making large purchases to get the proof of payments and record of shopping. These receipts are designed with the use of computer software in the large office environment but some small scale business or stores also use cash registers.
Contents for the Bill Receipts
Receipts may be handwritten or computer generated at the time of cash payment or monthly rent payment. Usually, cash receipts or invoices contain itemized information but the handwritten receipts only include the total amount. Bill receipts can be legal documents also so these should be designed carefully with complete details of the transaction including addition of any taxes, discounts or any other conditions. Just total amount is not sufficient therefore the complete details are also required to be present on the bill receipts. These will help customers to claim refund on faulty goods by showing proof of purchase. It should be stamped or signed by the vendor to increase its authenticity. It is essential to design two copies for the both involved parties so that they can maintain record of transaction.
Ways to Maintain Bill Receipts
Bill receipts are important for both parties so these should be maintained properly and if you are worried about the handling and duration of possession of these bill then following are some tips and instructions for your convenience. Possession and maintenance of the bill receipts will be based on their types and contents:
Keep Bill Receipts for Seven Years
Bill receipts related to the tax payments should be kept for at least seven years because the IRS (Internal Revenue Service) can audit your tax returns for almost six years for many situations. Any audit can create problems for you so you have to possess complete records of payment with you. You will need bill receipts for the tax amendments, discrepancies or any other purpose.
Keep Other Bills for One Year
All miscellaneous bill receipts should be managed for 12 months even after clearing them out. It will be safe to discard these bills immediately after receiving canceled checks related to these bills. Bill receipts of larger purchases should be kept safely such as homes, cars, jewelry or appliances. These should remain in your possession permanently.
Things to Consider
All tax related documents should be in your possession for the seven years so that you can rectify any error in the tax return. All personal receipts and bills should remain in your possession for at least 12 months. After 12 months, go through the bills and receipts before discarding them. Throw away earlier credit card bills after evaluating them carefully.
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