e-Receipts are electronic receipts. At its heart, an e-receipt is proof that a customer has paid. E-receipts are available digitally and don’t look like paper receipts.
Digital receipts are becoming solid documents of purchase in a lot of countries, so they can be used to file taxes. That’s a great idea, and it cuts down on the amount of paperwork you have to keep. Think about the fact that in the UK, you have to keep track of all your monetary operations for 6 years. During all that time, it would have been easy to lose or destroy paper receipts.
What’s their function?
e-Receipts are usually sent automatically if you have an accounting system like ours. All you must do is send your client an invoice and let them pay with one of our online payment processors. After they pay, an e-receipt will be sent to them automatically. Easy!
When you buy something for your business, it’s the same for you. Most likely, a receipt will be sent to your email account. You can make your own digital receipt and receipt system if you don’t already have one.
A receipt must:
- Name/CPU of the service or product
- number of each item or service
- Price of each good or service for sale
- Gross sales price (without tax)
- Rate and amount of tax
- Price after taxes
The Advantages of E- Receipts
- They don’t need to be stored anywhere. If you can keep a physical file cabinet for receipts, you’re better than most of us. When you store your receipts digitally, you can save space and make things easier to organize.
- They help the environment.
- There are always some business tasks that require paper. One of them is no longer receipts. In a small way, digital receipts help save the earth.
The GDPR and e-Receipts
We talked about how e-receipts can be used to gather email addresses. What does it mean for GDPR?
In 2018, the General Data Protection Regulation became law. Even though it is EU law, we still follow it in the UK (at the time of writing). GDPR says that if a customer gives you their email address for a receipt, you can’t assume that they agree to receive marketing emails from you. So, they have to give you clear permission to be on a mailing list.
How to Keep e-Receipts
- Transform any receipts into digital receipts. This is very easy to do if you are using an online accounting system like ours. Just take a picture of the paper receipt and add it to the line item for the expense when you record it.
- Digitally attach their receipts to their bills.
- Attach each receipt to the expense it goes with on your accounting software. The cloud storage in our system works on both mobile and desktop.
Read more: Information Required for Credit Card Receipt
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