Whenever a tenant of a building pays rent, that person would want a document that would confirm that he/she has already. So, it’s the responsibility of the landlord to provide the tenant with a document that will give details regarding the rent that was paid. You may also like printable rent receipt templates.
This type of document is what you would call a rent receipt and it’s important that you know how to make one should you be the landlord of a particular establishment. This article is going to focus on how you are going to go about in creating a rent receipt as well as providing you with reasons as to why you need to make one.
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The Importance of Making a Rent Receipt
If you’re a landlord and you don’t hand over a rent receipt over to a tenant after he/she has already paid for rent, then you may face some serious trouble in the future. Also, the rent receipt is the kind of document that you would want to make at all times once a tenant is done paying and here’s a number of reasons as to why this document is so important:
1. It Helps to Know Just How Much was Paid by the Tenant
Landlords always have a balance sheet or rent schedule that will tell them just how much a tenant has to pay until he/she is able to pay off the rent for that particular month (or week, it ultimately depends on how the how the rent is paid). So, let’s say that you’re the landlord and you have to keep track of just how much the tenant has already paid. By collecting every single receipt which shows the amount paid, you will be able to tally up the amount to see if the tenant no longer has a balance for that particular rent period or if the tenant still has any unpaid rent payments.
2. It Helps in Making Important Decisions
Again, the landlord has the responsibility of making sure that every single tenant within his/her establishment is able to pay the rent on the date that they have agreed on. So naturally, if a tenant is unable to pay the rent on the specified date, the landlord has every right to send that tenant an eviction notice signifying that the tenant has a limited number of days to come up with the money for the unpaid rent or else he/she will be evicted from the establishment.
3. It Helps in Knowing the Date on Which the Rent was Paid
When it comes to paying the rent, the date of when it was paid is just as important as the amount of rent that has to be paid. The reason for this is because if the landlord sees that the tenant has paid rent only after he/she was initially given a notice for not paying on the specified date, then the landlord will be able to see if that particular tenant might possibly be a delinquent who may end up continuously pay rent late. On the other hand, a landlord who sees a tenant who has paid well ahead of time or always on the specified date of rent payment is one that he/she can consider as a person who is committed to the rent policy of the building. Also, the dates are really handy whenever placing them down in the rent worksheet so that landlords can keep track of when the payments were made as well as how much was made. You may also like blank receipt templates.
How to Create a Rent Receipt
If you’re going to be the person that has to create the rent receipt, then you have to make sure that you include all the details that this particular little document requires to ensure that it’s valid. So here is a list of all the information that you’re going to have to place within the rent receipt:
1. The Date of the Payment
Remember that the date of when the rent was paid is just as important as the amount that has been paid by the tenant. One of the main reasons for this is because, in the event that the matter of rental payment is going to be brought up on in court, the date shows when the rent was paid and can be used to determine whether the amount of rent that needed to be paid was given on time or not. If the tenant’s check is returned unpaid, giving him a receipt won’t stop you from being able to collect the money that you are owed. Remember that you’re always supposed to write down the date of payment as this is what’s probably going to save you whenever you have to prove whether the tenant paid on the date that the two of you have agreed upon or not. Also, when writing down the date, try to follow the year, month, date format. Although it’s entirely up to you, it’s best to go with the standard dating format so that you won’t confuse anyone who goes through the rent receipt format.
2. The Amount and Type of Payment
You’re going to have to list down the total amount of rent that was paid by the tenant on to the rent receipt. The reason for this is because the receipt will not be valid until there is an exact figure of the amount of rent paid by the tenant. Also, the receipt is going to have to point out how the tenant was able to pay the rent. So if the tenant paid the entire rent with cash, then list that down on the receipt. There are also other methods in which the tenant can pay such as through money order, submitting a check or any other method in which he/she can pay you with. All you have to do on your end is place down how much was paid and how it was paid. There are some country and state laws where you’ll need to provide a rent receipt whenever your tenant pays in cash, and failure to do so can land you in legal trouble. You may also see rent receipt templates.
3. Property Location and Renter
This is the part where you’re going to have to place the location of the property that was rented by the tenant on the sample rent receipt. If the property is an apartment, then be sure to include the apartment number as well as the street address on the receipt. If it’s a room, then you’re going to have to list down the room number, the name of the building, and the street that the building can be found in. If it’s a rental home, then you’re going to have to list down the subdivision or street that it resides in, along with other details such as the house and block number. Also, list the tenant’s name so there is a record of who the payment is from. By writing down all of these details, you’ll prevent any confusion as to which property is being rented out and the name of the tenant that’s renting out the property. Make sure that you don’t have any mistakes when writing down all of this information as spelling even one word wrong could end up with the rental receipt as being invalid.
4. Your Signature
If you’re the landlord of the establishment and you need to be the person to create the rent receipt, then you’ll definitely need to place your signature on the little document. Not only will placing your signature in the document validate the rental receipt, but it will also prove as a clear sign that you have accepted the rent payment of the tenant. It’s a good idea to also print your name and include your title, if any, along with your signature as this might be needed in the event that the receipt will be brought up to court. Having your signature helps to show that you have the authority to collect the rent for the premises. You may also see printable receipt samples.
Why Landlords Tend to Use Standard Forms
A lot of landlords tend to use the standard receipt forms whenever they have to create one for a tenant. These forms typically have blank spaces for the date, amount, tenant name, property address, etc. And, all a landlord needs to do is place in these blank spaces with the right information. This is not only an efficient way to process receipts, it’s also a very good way for you to learn about the different elements that a rent receipt requires. There are a ton of different receipt samples that you can find online, but we also have everything you need on our site.
In the event that you would like to learn more about how you can go about creating a rent receipt or anything that’s related to this particular topic, then all you have to do is go through any of our available articles, find the information that you need, and utilize everything that you have been able to gather to help you out. You may also like printable receipt templates.