How to Itemize Your Receipts

A company may itemize receipts to know what business services were received.
A company may itemize receipts to know what business services were received. (Image: Jupiterimages/BananaStock/Getty Images)

A company receives goods and services from other businesses throughout the year. To keep company ledgers and financial accounts up-to-date, you can itemize the receipts concerning the goods and services so you will know what exactly was received for each receipt, what services were rendered and when the transaction took place. This will help your company when dealing with a business where you may be getting multiple services at one time and can make sure duplicate goods, along with charges, are not paid for if you have not agreed on those additional services.

Create a receipt itemization form to use for your company receipts. Use this form for special projects when a business offers particular services and you need to explain the nature of expenses. You can create the form in spreadsheet format with rows and columns or a simple line format within your word processor application. Base the type of format by the type of software application your business uses.

Place the name of your business at the top of the form. Include other information such as the name of the financial department handling the book-keeping, the date when the particular itemization is performed and who prepared the receipt information of the form. You can also add document identification numbers and service dates for better filing of the itemization forms.

Create rows and columns for the receipt information. Provide places for information such as the account number that matches which bank account the receipt transaction took place, the receipt number, the full name and address of the business that you received the receipt from and the service date. Add a column for the description of service given to your company and the total for just this service.

Save the form in the file type that is most convenient for your staff to work with and that is easily accessible. Store the form in an electronic database as well as printing it out to save a record in your filing cabinet for auditing purposes.

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