A landlord or property manager should give a numbered receipt for every rent payment, invoice for extra charges and keep one statement per unit. The main tools are the rent receipt generator, invoice generator, account statement generator and expense report generator.
Documents landlords and property managers use
- Rent receipt. Give it when rent arrives. State the period it covers, such as "March", and the payment method. List a deposit on its own line.
- Invoice. Use it to request money not yet received, such as a repair charge, a service fee or a management fee for an owner.
- Account statement. List charges and payments for one unit by date. It shows the balance and settles "I already paid" questions.
- Expense report. Record maintenance, supplies and travel for a property. Owners often ask for this at month end.
How billing usually works
Rental income is mostly recurring. The same amount falls due on the same day each period.
- Monthly rent. Issue a receipt per payment. Keep numbers in order.
- Deposits. Record them separately from rent. Rules for holding and returning them vary by jurisdiction.
- Other charges. Utilities, parking or repairs go on separate lines so tenants can see them.
- Late rent. Record the due date, the payment date and any fee the lease allows. The days past due calculator counts the days.
- Owner reporting. Property managers send owners a statement of rent collected and costs paid.
Receipt and tax rules differ by location. Ask a housing authority, accountant or legal adviser before you rely on any template.
Common invoicing mistakes
- No rental period on the receipt.
- Putting rent, deposit and fees on one undifferentiated line.
- Charging a late fee with no lease clause behind it. Read about invoice late fees.
- Giving receipts without numbers or copies.
- Letting statements drift from the bank record. See payment reconciliation.
- Forgetting that the tools store nothing. Save each PDF yourself.
Useful calculators and guides
- Late payment fee calculator to compute a lease-based fee.
- Late payment interest calculator to compute interest on overdue amounts.
- Days past due calculator to count overdue days.
- Invoice due date calculator to set a due date.
Guides: customer statements, overdue invoices and payment plans.
Frequently asked questions
- Do I have to give a tenant a rent receipt?
- Rules vary by location. Some places require a receipt for cash payments, and many tenants ask for one anyway. A receipt is good practice. Check local landlord-tenant rules with a housing authority or legal adviser.
- What should a rent receipt show?
- Show the landlord and tenant names, the property address, the amount, the date received, the rental period and the payment method. Give each receipt its own number.
- How should I record a security deposit?
- List the deposit as its own line, apart from rent. Rules on how to hold and return deposits vary by jurisdiction. Check with your local housing authority or a legal adviser.
- How do I charge a late fee?
- Only charge a late fee if the lease allows it, and keep within local limits. Record the due date, the days overdue and the fee on the tenant statement.
- When do I use an invoice instead of a receipt?
- Use an invoice to ask for money owed, such as repair costs or a service charge. Use a receipt to confirm money you already received.