When a customer doesn’t pay the supplier in full and at once but makes the payments in small installments, these payments are known as partial payments. When a customer makes partial payment, the cash receipt shows that the customer has made the partial payment and there is still some amount left that he owes to the supplier.
Receipt on Accounts for Partial Payment:
When a customer pays an installment for the money that he owes to the company i.e. supplier or vendor, a receipt is issued to the customer that indicates the total payment, the partial payment made by the customer and remaining amount. If there is a dispute regarding payments in between the customer and supplier, the customer can use the issued cash receipts to prove that he has paid a certain amount to the supplier. Usually when customers make the payments in cash, they request for the cash receipt but other than that when the payment is made with check or credit card, there is no need for such receipt.
Key Elements to include in the Partial Payment Receipt Form:
- Name of the person who purchased from you and made the payment
- Name of the person in your company who received the partial payment
- Date when the partial payment is received by your accounts department
- Details of the order placed by the customer
- Total amount that the customer owed you for his purchase
- Details of the previous payments made by the customer
- Details of the current payment made by the customer
- Method of payment chosen by the customer i.e. cash, check, credit card or debit card
- Remaining payment that the customer still owes you
- Signature of the person who received the payment
Some Common Ways to create Partial Payment Receipt Form:
- Software Receipt:
Most of the time when companies use automatic software programs, these programs have the option of issuing and printing cash received receipt. If your software program has this option, use it to enter the partial amount that you received from your customer, mention the total amount that the customer owed you and the remaining amount after partial payment, print the receipt, sign it and give it to the customer who requested for it.
- Receipt Template:
You can visit your local printing service providers and ask them to print a receipt for your business. Later, you can use this template to fill the name of the person who made the partial payment, amount of payment, details of the purchase, the date when the made the payment, remaining payment that he still owes you and you signature.
- Manual Receipt:
This is the simplest way to create a receipt for partial payment. You just need to use a simple paper and include the above mentioned elements on the paper and you have got yourself good cash received receipt with partial payment mentioned on it.
- Invoice with paid stamp:
You can also use the purchase order invoice that you issued previously to your customer and now that he has returned with the invoice to make the partial payment, include the amount of payment on the receipt and put a partial paid stamp on it.
Here is preview of a Free Sample Partial Payment Receipt Form created as fill-able PDF Form,
Here is download link for this Partial Payment Receipt Form,