5 reasons you must always keep receipts of goods purchased

Receipts are evidence of a transaction that has taken place or a payment that has previously been made. It is a proof of payment for things bought or services rendered.

Getting a receipt for every product purchased is highly essential, no matter how small that purchase might be. It will allow for proper documentation in the near future.

Receipts can be in both paper and digital form. Whichever way it is, keeping them is very essential. 

However, you must be aware of what your receipts must contain when you request for them after making your transaction or buying a product.

1. A description of your product
2. The amount, quantity or value of the goods exchanged
3. The date (and time) the goods or money were exchanged
4. The signature of the customer and the seller

There are certain reasons why you must always keep receipts of goods purchased. This article would shed more light on this.

1. For refund

A receipt is a proof of payment or transaction made. They are meant to be kept in order to ask for a refund in case there is a defect in the product purchased. It makes it easier for you to request a replacement or repair when something goes wrong with the product. It helps the company or organisation trace your transaction.

2. For proof or evidence of financial transaction

Keeping your receipts would allow you to claim unnecessary deductions. For example, if Mr A uses a POS machine for cash withdrawal and the machine, due to a network issue, does not dispense cash but debits his account, he can always report it to his bank with the proof of deduction or reimbursement.

3. For security

Most of the time, receipts are to be kept to secure your goods from the allegation of being stolen property. While transporting such goods around, having the proof of payment clarifies the fact that it wasn’t snatched or stolen from someone.

4. For clarity incase of dispute

Keeping receipts of goods bought prevents financial disputes between business partners. These disputes might be as regards the price of the goods, the quantity or the value of the money withdrawn. Having your receipts handy sheds more light when questions arise as regards the details of a particular transaction. This is because some lenders or service providers might not keep accurate records of the transactions made.

5. To help you keep track of your finances or expenses

For financial stability and discipline, it is important to have receipts of products bought and transactions made from time to time. It helps you be conscious of overspending, especially when you have a budget spelt out. For business owners, it helps build transparency and greater efficiency with respect to their business accounts. For example, an online bank transaction receipt would help you keep a record of how much you have spent so far.

Keeping receipts just saves you from any financial dispute that might come up sooner or in the near future. 

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