Whenever we purchase something from a store or online we receive a receipt for it. The receipt informs us in detail what products we bought, from where we bought them, the taxes that are levied on them, if we were overcharged on any products, and can help us return any unwanted or defective products. That is why keeping your receipts is very helpful as it helps you keep track of your taxes and expenditures. But for that, you need to know how to read your receipts correctly. There’s a first time for everything and today is your first for this one so without any further ado, let’s dive straight into it. Let us know more detail about ‘How To Read A Store Receipt?’.
How To Read A Store Receipt?-
There are several components in a receipt. The most important being the total amount and the list of items bought as they help you know how much to be paid and the things you bought. Other things like payment methods, taxes, discounts/coupons, and transaction Id numbers are also included in it.
Receipts are a document given to a customer after a transaction is made. Receipts are kept both by the cashier and the customer. The receipt is helpful for the customer as they help him/her to keep track of their financial transactions. While the vendor keeps the receipts as they let them know how much are the commodities sold.
Let’s see how a receipt can be read through a step-by-step procedure:-
Step 1 – Business Name and Address
At the top of the receipt the name of the store, their contact number, name of the cashier will be listed which will help you in knowing where the receipt came from. The receipt would even include the store’s location and franchise number. Sometimes, the store’s name and address are at the bottom but they should be visible if they are any issues with transactions or anything you know where to approach for the same.
Step 2 – Price, Services, or Commodities
This is the component that will take up most of the space of the receipt and is also the most important one. Now take a look at the products you purchased. Each item listed on the receipt will count for the actual number of times you bought it. Eg. If you bought 2 sticks of Toblerone then Toblerone will be listed twice on the receipt. When you commodities during a sale then what happens is that on the list the original price of the commodity will be written and then a discount will be subtracted from it so a new number will appear below the original price after the subtraction sign.
Step 3 – Additional Discounts/ Rewards
Find if there are additional discounts on the receipt through coupons or rewards.
Step 4 – Taxes
At the bottom of your receipt, this section will have a subcategory that will contain the prices of all the commodities purchased by you (before taxes are applied). Then you can see a taxes section in which the amount of taxes charged will be listed. Now, Check your total amount. This will be the actual amount that you paid after the discounts and coupons were applied and taxes were charged.
Step 5 – Changes/ Transaction Record Number
After this, there will be a segment stating the amount the customer paid and if any change was given or received. It is a vital part of the receipt as sometimes it happens that the cashier makes a mistake in giving the changes so this can become a record of the cashier did make a mistake or was it just a miscalculation done by the customer. The receipt must contain a transaction record number that proves helpful later on when required.
The purchase method through which the transaction was being made will also be mentioned as it helps in keeping track of the vendor and is also helpful when any refund has to be processed. Most of the stores will refund the source through the same payment method but you should check once with the cashier regarding the same.
Step 6 – Date and Time
The date and time could be present on the receipt at the top or bottom. The date and time mentioned prove beneficial when there is a return period available on the item or there is a dispute about purchasing with a customer.
Step 7 – Coupons
Discover the amount that you saved because of coupons, rewards, and discounts. This will help you know the savings you make from purchasing from that particular store/ shop.
Step 8 – Points
If mentioned, look at the number of points you have gained. Certain companies like Ralphs have this point system wherein the more points you gain the more you receive.
Conclusion –
Now we’ve learnt about ‘How To Read A Store Receipt?’, Receipts do not seem to be of much importance but they are. You must make sure to possess the receipt until you are done with using the thing you bought because a receipt is proof that you bought the item and from that store only. We hope this article was informative for you.
