Once a payment is processed, you should sign and date the printable rent receipt. The remaining monthly balance and any late fees, if applicable.The rental payment period (e.g., May 1-31, 2019).The rent payment amount and any other payments like utilities or pet rent.The rental property address and unit number.The name of the landlord or property manager receiving the payment.The full name of anyone else who made the payment on behalf of the tenant.When writing a rent receipt, you should include: Our easy-to-use rent receipt template provides all you need to create receipts for tenant payments. This will help you keep track of late payments, bounced checks, missed payments and other issues. The returned check is ample proof that the payment was not valid.Īs a landlord, you should keep a copy of the rent receipt for your records and document the details in a payment tracking system.Rent receipts don’t protect check bouncers.If you’re concerned a tenant will use a rent receipt to claim the rent was paid when a check bounces, don’t fret: Should any rent-related issues escalate, having a clear record of payments received might also boost your credibility and support your case. If a tenant claims to have made a rent payment you never received, a rent receipt - or lack of one - will tell the tale. Whether you do your bookkeeping using rental-specific software, a rental income and expense spreadsheet or paper files, you’ll need to keep a landlord rent receipt copy in paper or digital form for each payment the tenant makes. And accounting is an important part of any business, especially when financial transactions are as large as monthly rent payments. Your landlord business is just that - a business. Rent receipts simplify your record keeping But even if you don’t have a legal obligation, providing a rent receipt upon request is a good business practice. The statutes vary, with some states mandating a receipt for all forms of payment and others requiring receipts only for cash or money orders. Several states require landlords to provide a receipt upon request, so check your local laws. Rent receipts may be required by the city or state The same applies to payments made by money order, which more landlords are willing to accept. If you ever get audited, you’ll need a way to document your rental deposits. But if you do, a rent receipt shows proof of payment for funds that otherwise can’t be tracked. You may not accept cash, and that’s fine, just include the provision in your rental agreement. Rent receipts create a paper trail for cash payments Here are some reasons why you should always issue a rent receipt : 1. Rent receipts also provide the tenant with proof of payment, so they can keep track of their finances. Why should you use a rent receipt ?Ī rent receipt should be used by the landlord or property manager to streamline the way payments are tracked as they come in. For any non-monthly payments, you’ll use a different format of rental receipt, such as a security deposit receipt. If you charge pet rent or other monthly fees, those can be included on your rent receipt, as long as they’re all paid at the same time. When a lease agreement is signed and pet or security deposits are paid, a receipt should be issued. Should you give a receipt to tenants for security deposits or pet rent?Īs a landlord, you should document proof of all tenant payments. Both the landlord and the tenant keep a rent receipt copy for their records.The landlord writes and signs the receipt.Here are the steps for issuing monthly or one-time tenant payment receipts: Ī rent receipt is most commonly used for: A monthly rent receipt should be sent out after a tenant pays their rent invoice. What is a rent receipt ?Ī rent receipt is a document that proves a landlord or property manager received a tenant’s rent payment. You can create a rent receipt template yourself or download our free template. Half (50%) of renters deliver their rent in person* - so having a written record of each payment will help you and your tenant keep track of your finances. A rent payment is the same as any other financial or retail transaction, and providing receipts is a good business practice. If your tenants pay their rent by sending a check through the mail or delivering it directly to you, they may ask for a rent receipt.
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