The deposit receipt is issued after the funds/money has been paid by the client. It shows that the payer has either deposited funds in a bank or paid money for a purchase. In simplest words, a deposit receipt is the proof of a payment that’s already made.
Although it is usually used in banking purposes, it is also issued by a company as proof that the customer has paid money for using/purchasing its services. This document mainly represents the good faith of the payer with the intention of completing the payment within the due date.
What Is a Deposit Receipt?
As the name indicates, a deposit receipt is an official document in the form of a printed paper issued by banks or companies to their clients who deposited funds/money for some purpose. The templates for these receipts can somehow differ depending upon the cause.
Deposit receipt not only represents paid bank funds, but also the remaining payment that has to be paid by a buyer later on, in the form of installments, regarding any purchase made from the seller/company.
In that case, this receipt acts as an agreement between the buyer and the company that the seller is now bound to provide that service/good to the buyer after the completion of payment.
Both parties must decide terms of the agreement prior to payment and put all the relevant information on receipt in order to avoid future issues regarding the item. The deposit is also called a “down-payment”, that may be refundable or not, depending on the terms and conditions between the two.
What Are the Types of Deposit Receipt?
Bank Deposit Receipt:
This type of receipt is issued in the banks for payments, cash deposits, and transaction reports. This is proof that the bank has deposited the client’s money into his or someone else’s account.
Installment Deposit Receipt:
This is used for purchase agreement in the form of installments. This is proof for the buyer that after finishing all installments, the respective property will belong to him and the seller cannot sell that to anyone else before. This may be refundable or not, depending upon the terms.
Security Deposit Receipt
It is a document of cash deposit by a tenant to the lender/landlord for security services/care of the property. It may be refundable or non-refundable. The payment is usually paid in advance.
Fixed Deposit Receipt:
This is given to the customer/depositor on booking a fixed deposit, by the bank or the company. It is used in various bank schemes and the depositor gets interested after maturity.
What Are the Basic Contents of Deposit Receipt?
- Introductory: Here, the basic information of the seller and purchaser is provided on top. It includes receipt number, date, seller’s name, customer’s name, address, and contact numbers.
- Item Info: The information regarding the item being sold or given in rent is elaborated, below the intro part. It includes the item’s short description in simple words in the form of a paragraph. In the case of a bank deposit receipt, the account number is written in which the cash is being deposited.
- Deposit Details: Below item info, the amount paid by the depositor is written and confirmed by the seller. This is the proof of the ownership and main part of any deposit receipt. It is decided on terms of the agreement between the seller and the buyer.
- Details of Payment: The detail of the amount paid by the client is stated. It includes payment method, cheque/card number, and bank account name.
- Payment Owed: The amount that is remaining towards the full price of the item is written. Next installment details and due dates are also mentioned in this part.
- Signature Part: The signatures of both seller and purchaser are put in this part with the date of the agreement. It is at the bottom of the receipt.
Conclusion
Providing proof of the services utilized by any customer is essential in every field, and the deposit receipt offers protection to both parties equally. It remains as a proof of ownership, security, and transfer funds.
The whole receipt is computerized, and of different templates depending upon its type. Whatever the type may be, the essential elements of all deposit receipts remain the same, as mentioned above.
CocoSign provides top-quality deposit receipt templates of every sort with attractive designs, beautiful fonts, catchy monologues, and user-selective items of description along-with the terms of the agreement. Visit the CocoSign website now and build any online deposit receipt for free.