An equipment receipt is a document proving the sale and purchase of a piece of equipment. It can apply to any type of equipment, including but not limited to construction, home, office, outdoor, professional, and sports equipment. It’s beneficial if the expense is tax deductible.
Buyers and sellers should execute an Equipment Bill of Sale before finalizing a purchase transaction. The bill of sale can establish terms and conditions specific to the transaction and situation.
Please note: for purchases of large machinery, buyers need to confirm the title legally transfers into their name. Additional paperwork may be required.
What to Include
- Buyer information (name, address, phone, email);
- Equipment descriptions (name, brand, color, size, weight, etc.);
- Payment method (cash, check, credit card, other);
- Receipt number;
- Seller information (name, address, phone, email);
- Serial numbers (if applicable);
- Signatures of both parties;
- Summary of charges:
- Cost of the items per unit,
- Quantity of items;
- Subtotal,
- Tax rate,
- Total taxes due,
- Total amount due,
- Amount paid, and
- Outstanding balance (if applicable); and
- Transaction date.