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The video tutorial explains how to use generic receipt books, specifically the ones priced at $2.88 at Walmart, which contain 50 receipts. To fill them out, start by entering the date, your company name, and the cost of the job, product, or service, similar to writing a check. It's important to specify the purpose of the receipt, such as "tile and grout cleaning and resealing," for record-keeping. The receipt should include details such as the amount owed, amount paid, and the balance due. The tutorial advises keeping the yellow copy for your records and giving the white copy to the customer.