How to Create Rent Receipts in Microsoft Word
A rent receipt is a piece of paper or document provided by the landlords to their tenants. If you manage a rental property and real estate business, you give a rent receipt to your tenants when they make monthly rental payments. Like most receipts, rent receipts contain essential information like the name of the one who paid, the amount paid, and the time and date of payment.
There’s no need for you to get stressed out with making rent receipts from scratch to use. By using our ready-made rent receipt templates in Microsoft Word, you can now create rent receipts easily on your personal computer. Get to make and produce the best receipts as many as you need as you follow the tips provided for you below.
1. The Importance of Rent Receipts
Receipts and proof of purchase are written acknowledgment used by business owners, vendors, or sellers. Receipts are essential in a variety of reasons such as insurance claims, rebates, and lost property claims. In order to prove such claims, the court rules may require you to submit a copy of receipts or proof of purchase. Therefore, receipts are of great importance in any business transactions, and contracts or agreements between landlord and tenant.
2. Download the Rent Receipt Template
Template.net has a vast array of receipt templates that you can download for free. Each template will save you from hassle since it comes with preformatted content and layout. The templates are also fully editable to give you the freedom to personalize and own it. You may want to use the original content to your advantage or change them.
3. Fill Out the Necessary Information
Rent receipt templates usually come blank. This gives you the privilege to fill in the necessary details. Remember that in a vendor-seller payment agreement, the receipt should contain the following IRS-required elements: the name of the vendor, person, or company, the date of the business transaction, the thorough description of the goods, products, or services that you purchased, the amount that you have paid, and the form of payment, be it in cash, check, or through your credit card and bank account.
In filling the templates, like the cash receipt template, you have to keep the information spelled correctly and accurately. Make sure also to update the information if necessary.
4. Keep the Records for Future Purposes
Both the landlord and the tenant must keep a record of rent receipts or proof of payments. This is to secure future claims, and prove in court in case it has gone through a serious legal agreements issue. Either way, both the buyer and the seller should obtain a copy of the receipts.
5. Print and Inform the Tenants of Their Due
The best way of doing the last step is to have it printed or shared with the tenants through their social media and Google accounts. These templates are downloadable and shareable online, so there’s nothing much to worry about. After telling your tenants their due, you can do both in securing the record and for faster transaction.