Most independent landlords still manage rent payments offline: Tenants send a monthly rent cheque through the mail, and landlords deposit it in their bank. Whether you should switch to an online payment service is another story \u2014 but if you prefer to receive payments the traditional way, you should think of it like any other transaction and provide (or be willing to provide) a receipt.<\/p>\n
A rent receipt can be helpful for tenants, offering additional documentation that the payment was received. But it\u2019s also useful for landlords, providing you with a streamlined way to track all payments as they come in \u2014 so be sure to save a copy for your own records, too.<\/p>\n
HERE ARE 4 REASONS TO GIVE YOUR TENANTS A RECEIPT FOR THEIR RENTAL PAYMENT.<\/p>\n
Rent receipts create a paper trail for cash payments<\/p>\n
Now, you may not accept cash, and that\u2019s fine \u2014 just include the provision in your rental agreement. But if you do, a receipt shows proof of payment for funds that otherwise cannot be tracked. If you ever get audited, you\u2019ll need to have a way to document your rental deposits. The same applies to payments made by money order, which more landlords are willing to accept.<\/p>\n
Rent receipts simplify your record keeping<\/p>\n
Your landlord business is just that \u2014 a business. And accounting is an important part of any business, especially when the financial transactions are as large as monthly rent payments. Whether you do your bookkeeping using rental-specific software, a rental income and expense spreadsheet or paper files, keeping a hard copy or digital PDF of a rent receipt provides a consistent way to track and verify every payment received.<\/p>\n
Rent receipts can help minimize disputes<\/p>\n
If a tenant claims to have made a rent payment you never received, a rent receipt \u2014 or lack of one \u2014 will tell the tale. Should any rent-related issue escalate, having a clear record of payments received might also boost your credibility and help support your case.<\/p>\n
Rent receipts don\u2019t protect cheque-bouncers<\/p>\n
You might be concerned that if you provide a rent receipt and your tenant\u2019s cheque bounces, they can use the receipt to claim the rent was paid. That is not the case: The rent receipt doesn\u2019t afford them extra or special protection, and the returned cheque is ample proof that while the payment was received, it was not valid.<\/p>\n
A rent receipt is an easy way to document rental funds as you receive them. <\/p>\n","protected":false},"excerpt":{"rendered":"
Most independent landlords still manage rent payments offline: Tenants send a monthly rent cheque through the mail, and landlords deposit it in their bank. Whether you should switch to an online payment service is another story \u2014 but if you prefer to receive payments the traditional way, you should think of it like any other transaction and provide (or be willing to provide) a receipt. A rent receipt can be helpful for tenants, offering additional documentation that the payment was received. But it\u2019s also useful for landlords, providing you with a streamlined way to track all payments as they come in \u2014 so be sure to save a copy for your own records, too. HERE ARE 4 REASONS TO GIVE YOUR TENANTS A RECEIPT FOR THEIR RENTAL PAYMENT. Rent receipts create a paper trail for cash payments Now, you may not accept cash, and that\u2019s fine \u2014 just include the […]<\/p>\n","protected":false},"author":4,"featured_media":339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"jetpack_featured_media_url":"https:\/\/realestatepowerhouse.com.ng\/en\/wp-content\/uploads\/2017\/10\/Rent-recipt.jpg","_links":{"self":[{"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/posts\/338"}],"collection":[{"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/comments?post=338"}],"version-history":[{"count":2,"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/posts\/338\/revisions"}],"predecessor-version":[{"id":341,"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/posts\/338\/revisions\/341"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/media\/339"}],"wp:attachment":[{"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/media?parent=338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/categories?post=338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/tags?post=338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}