Many business owners make sure that they keep up to date with local NAA publications, laws, and policies. It is also a good idea to keep copies of all written notices, both written and oral, as proof of the date and time of payment. At the end of a rental period, it is often helpful for the landlord to print out a receipt so that future reference checks and payment issues can be avoided. This way, all future deposits can be tracked from the original date of deposit. If a tenant pays rent in full at the end of his/her rental period, it is often best for the landlord to enter this information on a receipt into his/her computer system. It is important to note that this does not include all monies owed just the ones that the landlord has a legal responsibility to remit. Without a way to keep track of deposits, the landlord may be liable for legal action against the tenant. Without these deposits, the landlord may have very little way of keeping track of past-due payments. The last item that every landlord should have is a receipt for deposits. Landlords and rental agents must have access to this type of documentation for the simple reason that if a dispute arises regarding a tenant who pays their rent early, the landlord has the ability to use this information to prove the tenant owes them money and therefore needs to pay. In many cases, this information is also used to prove that the tenant paid off his/her rent early, which further reduces the risk of eviction or other legal actions. This information will determine who owes how much. It is important that every source of payment be included so that a comparison can be made between the rent receipts and deductions. This information is used to match it with bank statements, credit card statements, and other sources of pay stubs. In addition to having the names of each tenant, the document must also have a statement detailing the method by which the tenant paid the rent. This provision protects the landlord from issues regarding double entry, where the landlord’s name is entered twice on the document for one tenant and once for another tenant. If there is more than one person leasing the property, each person’s name must appear individually. This is critical because only one party should own the property.
The first thing to look for when reviewing rent receipt templates is whether or not it contains the full names of both parties to the transaction.
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