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Chapter 5 | Income

Receipts

In this section, Lets learn What is Receipt Voucher and How to raise receipt using Moiboo, Cloud Accounting Software.

Learning Objectives

  1. What is Receipt Voucher and When Should Receipt Voucher be Issued?

  2. How to raise the receipt voucher using Moiboo software

  3. Where to check the receipt report

What is a Receipt Voucher?

A receipt voucher is given when you receive money from a person. The money can be recieved as Cash, Cheque or as Bank Transfer. This voucher is the proof that payment has been received.

You might receive money

  1. When you make a cash sale

  2. Against a previous Credit Invoice

  3. As an advance towards future supply

  4. On sale of Asset

  5. As a Hand Loan

  6. Various other scenarios

In most of these scenarios, the payer will request a receipt from you.

Format of the Receipt Voucher?

Now, Let us see the format of the receipt voucher.

The format of Receipt Voucher has been provided by the CGST Rules, 2017:

  1. Name, address, and GSTIN of the supplier

  2. Serial number

  3. Date of its issue

  4. Name, address and GSTIN or Unique Identity Number, if registered, of the recipient

  5. Description of goods or services

  6. Amount of advance taken

  7. Rate of tax (central tax, State tax, integrated tax, Union territory tax or cess)

  8. Amount of tax charged in respect of taxable goods or services (central tax, State tax, integrated tax, Union territory tax or cess)

  9. Place of supply along with the name of State and its code, in case of a supply in the course of inter-State trade or commerce

  10. Whether the tax is payable on reverse charge basis

  11. Signature or digital signature of the supplier or his authorised representative:

How to raise Receipt Voucher using Moiboo ?

Now that you know what is receipt voucher and when it is issued.Let us see, How to raise a receipt voucher using Moiboo Software.

There are three types of receipt voucher :

  1. Direct receipt voucher

  2. Payment Against invoice

  3. For Advance against invoice

In most of these scenarios, the payer will request a receipt from you.

Direct receipt voucher

A direct receipt voucher is made to acknowledge a cash sale, sale of an asset or any other windfall receipts. This attracts taxes as well so its important to record this in Moiboo. Receipt can be made as cash, cheques or by bank transfers.

Now let us see how a direct receipt voucher is made.

  1. Go to receipt under income tab.

  2. Click on add receipt.

  3. Select the direct receipt in payment type.

  4. Select date.

  5. Select Payment mode.

  6. Now select the sales in account and give the amount.

  7. In case you like to add taxes to the payments made, make sure the taxes are enabled while creating an accounting ledger.

  8. Add a notes for your reference.

  9. Payment added successfully.

Payment Against bill

A payment against invoice is made towards a credit invoice raised earlier to adjust the customer account for balance payments.

Let me show you how it's done.

  1. Go to receipt under income tab.

  2. Click on add receipt.

  3. Select Payment against Invoice in payment type.

  4. Now select date.

  5. Give the cheque number.

  6. Select the payment mode.

  7. Mention the amount here.

  8. Select the customer.

  9. Add a note for your reference.

  10. Moiboo automatically open and display all the outstanding invoices for that customer. Make sure you adjust each of the invoice which needs to adjusted.

  11. Click save. Payment added successfully.

Advance against invoice

Manytimes advance payments are made in the course of normal trade. Such advances are adjusted against future invoices of the customer.

Now let me show you how advance payments are recorded in Moiboo.

  1. Go to receipt under income tab.

  2. Click on add receipt.

  3. Select for advance against invoice in payment type.

  4. Now select date.

  5. Give the cheque number.

  6. Select the tax .After GST, these advances also attract taxes and hence it becomes important to record advances promptly.

  7. Now select the mode of payment.

  8. Mention the amount here.

  9. Select customer.

  10. Add a note for your reference.

  11. Click save Payment added successfully.

Moiboo automatically creates relevant accounting entries in the Daybook, ledgers, Financial and Tax Statements as well, so you can save time on separate accounting entries.