January 17, 2020
5 Minute Read
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If your tenants pay their rent by sending a check through the mail or delivering it directly to you, they may ask for a rent receipt. A rent payment is the same as any other financial or retail transaction, and providing receipts is a good business practice. Half (50%) of renters deliver their rent in person* — so having a written record of each payment will help you and your tenant keep track of your finances. You can create a rent receipt template yourself or download our free template.
A rent receipt is a document that proves a landlord or property manager received a tenant's rent payment. A monthly rent receipt should be sent out after a tenant pays their rent invoice.
A rent receipt is most commonly used for:
Here are the steps for issuing monthly or one-time tenant payment receipts:
As a landlord, you should document proof of all tenant payments. When a lease agreement is signed and pet or security deposits are paid, a receipt should be issued. If you charge pet rent or other monthly fees, those can be included on your rent receipt, as long as they're all paid at the same time. For any non-monthly payments, you’ll use a different format of rental receipt, such as a security deposit receipt.
A rent receipt should be used by the landlord or property manager to streamline the way payments are tracked as they come in. Rent receipts also provide the tenant with proof of payment, so they can keep track of their finances.
Here are some reasons why you should always issue a rent receipt:
You may not accept cash, and that's fine, just include the provision in your rental agreement. But if you do, a rent receipt shows proof of payment for funds that otherwise can't be tracked. If you ever get audited, you'll need a way to document your rental deposits. The same applies to payments made by money order, which more landlords are willing to accept.
Several states require landlords to provide a receipt upon request, so check your local laws. The statutes vary, with some states mandating a receipt for all forms of payment and others requiring receipts only for cash or money orders. But even if you don't have a legal obligation, providing a rent receipt upon request is a good business practice.
Your landlord business is just that — a business. And accounting is an important part of any business, especially when 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, you'll need to keep a landlord rent receipt copy in paper or digital form for each payment the tenant makes.
If a tenant claims to have made a rent payment you never received, a rent receipt — or lack of one — will tell the tale. Should any rent-related issues escalate, having a clear record of payments received might also boost your credibility and support your case.
If you're concerned a tenant will use a rent receipt to claim the rent was paid when a check bounces, don't fret:
As a landlord, you should keep a copy of the rent receipt for your records and document the details in a payment tracking system. This will help you keep track of late payments, bounced checks, missed payments and other issues.
Our easy-to-use rent receipt template provides all you need to create receipts for tenant payments. When writing a rent receipt, you should include:
Once a payment is processed, you should sign and date the printable rent receipt.
Here's a rent receipt example:
This free sample rent receipt (which you can download via the green button at the top of the article) is a customizable document, so you can type in the information instead of having to print it out and handwrite the details. This makes it easy to avoid errors, and you can even email the completed receipt for rental payment to your tenant to ensure delivery.
There are a few ways to send a rent receipt:
While rent receipts are traditionally used for cash, check or money order payments, 57% of renters prefer to pay online* — and creating rent receipts is still important for bookkeeping and your tenant's records. If the tenant pays rent online, you can send a traditional rent payment receipt or an electronic one. With Zillow Rental Manager, you can:
For more articles, tips and trends on property management and being a landlord, visit our Rental Resource Center.
*Zillow Group Consumer Housing Trends Report 2019 survey data
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