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5 Min. Read

What Is a Bank Receipt?

What is a Bank Receipt?

Most of the time, when you follow through with a transaction, you’ll be provided with a receipt. It doesn’t matter the kind of transaction. Whether you pay a fee in cash or make credit card payments, a receipt is offered. The same goes for bank transactions. No matter what interaction you have at a bank, you should receive a receipt. Learn all about bank receipts and why they’re important here!

Here’s What We’ll Cover:

What Is a Bank Receipt?

What Information Can You Find on a Bank Receipt?

Why Should I Keep My Bank Receipts?

Key Takeaways

What Is a Bank Receipt?

Banks handle large amounts of money. It’s what they were designed to do. As such, they need ways of keeping track of transactions. Most banks have a number of different documents that help with recordkeeping. An example of this would be a bank deposit slip. It records information regarding a bank deposit. Like the bank deposit slip, banks also provide receipts to their customers.

Bank receipts are offered to customers any time a transaction takes place. They record important information regarding transactions between the customer and the bank. They are given to customers as proof of the transaction taking place. Banks encourage customers to keep their copies of bank receipts for recordkeeping purposes. A few types of banking transactions that receipts would be provided for are listed below:

  • Bank deposits, including cash deposits or check deposits
  • Transfers to or from accounts
  • Cash withdrawals
  • Electronic funds transfers or wire transfers
  • Loan payments
  • Credit card payments

Banks are responsible for providing receipts regarding any financial transaction. It is the customer’s responsibility to keep the receipt for their records.

What Information Can You Find on a Bank Receipt?

When you look at your bank receipts, you’ll see that they provide a large amount of information. This information pertains to the transaction in question. Generally, a new receipt will be issued for each transaction that takes place. The information you’ll find on a bank receipt will contain most, if not all, of the following information:

  • The name of the account holder
  • The banking account number
  • The type of transaction (deposit, withdrawal, transfer, etc.)
  • The amount of the transaction
  • The time and date of the transaction
  • The name of the bank employee who assisted you

Most bank receipts look similar to typical receipts. Where receipts from a bank can be for a number of transaction types, regular receipts are only for payments. They’ll be similar to bank receipts, but they always display things relating to a payment. An example of this would be the date and time of payment for goods and services.

Why Should I Keep My Bank Receipts?

There are a number of reasons that bank receipts should be held onto. It doesn’t matter if you’re banking personally or for business purposes, receipts should be kept.

Keeping Personal Bank Receipts

Keeping receipts for personal banking purposes has a variety of benefits. It allows you to track your finances more closely. It also allows you to keep proof of the transaction that took place. This can help you resolve any disputes should any money be missing from an account.

Banks also encourage customers to balance their finances at least once a month using stored receipts. This includes receipts for payments, as well as bank transactions. This is the best way of staying on top of your personal finances.

Keeping Business Bank Receipts

Any business owner will tell you that keeping bank receipts is critical. It allows for better bookkeeping. It also provides a means for disputes should large amounts of money go missing. The problem with keeping physical receipts as a business owner is how quickly they pile up. Companies do a lot of dealing with banks, and that can lead to a lot of bank slips. Thanks to technology, though, there are plenty of tools that can be used to assist in this process.

Most major accounting software programs will let you scan or photograph receipts for digital storage. The best software options will automate the accounting process, as well. They have artificial intelligence built-in that can read the text on the documents. Once the information is scanned it is entered into the bookkeeping portion of the software.

Receipts for businesses are also a way of tracking business operations. Many times, deposits for small businesses are made after hours using a bank deposit box. Keeping the deposit slip and the receipt ensures that the employee made the deposit appropriately.

Key Takeaways

Bank receipts are a common part of dealing with any financial institution. However, this small slip of paper may be more useful than you’d think. A bank receipt can be used to balance books, solve disputes, and inform business operations. If you’re looking for more financial info like this, be sure to visit our resource hub!