Tenants often don’t pay much attention to the importance of a rent receipt until they find themselves in a predicament where they would need this document. The receipt serves as proof that they have paid their rents and as such, should have a special place in their apartment. As a landlord, you need these receipts to monitor all of the payments that you have received from your tenants.
What is a rent receipt?
A rent receipt template is an acknowledgment that a tenant paid rent. The payments in most cases are in cash but tenants can also use credit cards or checks. The information on the receipt includes the property address, the amount paid, payment method, and your signature as the landlord.
What to include in a rent receipt?
The details in a rental receipt can vary from one landlord to another. But if you plan to make your own template, make sure to include the following details:
- Payment date
- Payment amount
- Your name as the landlord
- Your signature as the landlord
- The name of your tenant
- The property address
- The rental period
The information contained in the receipt is essential for your records. With this information, you can check which tenants have paid their rents fully and which ones still have to settle their obligations. You can even add a section for showing late payments and other fees your tenants paid to keep track of these too.
The more information you can include in your rent receipt, the easier it will be for you to keep track of everything. You can also keep digital or printed copies of these receipts for as long as you need them. Here are miscellaneous items that you can also include in your template:
- Payment method
- Other fees your tenants must pay
- A “Received by” section for situations where you assign another person to receive the payment
- A “Paid by” section for situations where someone other than your tenant gives the payment
Rent Receipt Templates
What does a rental receipt look like?
As much as possible, you must make your rent receipts form look professional and believable. Here are some ways to do this:
- Make sure to only include accurate and relevant information.
- Make sure that it’s designed professionally.
- Make sure that the information contained is completely organized.
- Make sure to keep similar-information in the same place.
For example, you should have the name of your tenant, the address of the property, and the rental period, on the same spot on your rent receipt. Should there be any delayed payments or other fees included in the document, make sure they are clearly noted.
How do I make a receipt for rent?
If you manage rental properties, you must give your tenants a printable rent receipt each time they make their payments. This is a requirement for landlords in many states. Moreover, your tenants can also use the receipt to claim tax credits. When creating a template for your rent payment receipt, here are some tips to guide you:
- Download a template online and use it as it is. You can also make some changes to it to make it suit your preferences or needs.
- Think about how often your tenants pay rent and what form of payment you accept.
- Make sure that your template contains all of the relevant information related to the rental payments. You can also include additional information that you think is important.
- Don’t forget to save the template on your computer.
- Print a copy of your template then have it copied to make sure you’re prepared any time one of your tenants make a payment.
To make sure that your rent receipt is top-notch, these pointers will help you out:
- It’s important to provide the date when your tenant made their payment. This should make it clear that your tenant paid their rent either on or before the due date. This way, you can charge a late fee if the tenant paid at a much later date as indicated in the document.
- There are also instances when a tenant pays with a check before the due date but the check doesn’t clear. As such, you can still ask your tenant for the payment by providing evidence of the invalid check. Aside from including the total rental amount your tenant paid, it should also indicate whether your tenant paid partially or in full.
- Remember to include the property address too. If your tenant rents an apartment, indicate the apartment number, and your property’s street address. Of course, you also have to include the tenant’s name. Collectively, all of this information removes confusion about the tenants who have already made payments and the properties they rented.
- Lastly, you should affix your signature on the receipt in the space provided. Do this after you have accepted the payment, and verified it. It’s also nice to also print your name along with the title below the signature. The signature proves you have accepted your tenant’s payment and have collected it, especially in cases where you assign someone to accept payments for you.
Rent Paid Receipts
Should I get a receipt for rent?
Yes, tenants should get a receipt for rent. As a landlord, you must provide your tenants with a rent receipt, although not in all states. Aside from keeping all the financial information accurate and organized, these receipts provide the tenant with proof that they have paid their rents on time and in full.
As for you, there are many reasons why you must have your own rent paid receipt templates including:
- To maintain professionalism
With the help of receipts, you can keep track which tenants have already made payments and which ones haven’t. In many cases, tenants pay their rents using a check although the receipt doesn’t prove that their check has cleared. In this case, you should still provide notice to the tenant for non-payment.
- It benefits your tenant
You will provide your tenant a receipt each time they pay their rents. Tenants should keep these documents in a single location as proof that they have paid rents consistently. They can show these receipts as proof of payment should you claim that they didn’t pay their rents for a certain month.