A tenant ledger template is a document used by the owner of the property to keep track of the rent payments. In case, there is no proper record, you may inadvertently pay more or less. Keeping record of the rent payments is also useful in case of any legal action against the tenant or the owner. According to many countries tenancy laws, it is mandatory to keep a ledger.
How to write an effective tenant ledger?
Here are the steps to write an effective tenant ledger;
Step#1: Indicate tenant details
It is essential to indicate details of tenants on the rent ledger. It will help you in determining for whom the ledger is. This document also comes in handy in case of any legal action. If there are multiple tenants who are sharing your property, mention everyone’s details. This step becomes a necessity if you have multiple properties and multiple tenants.
Step#2: Create a table
When it comes to keeping records, a table is much more preferable. The organized structure of a table allows quick calculations and quick rechecking for any discrepancies. Tables make you able to include columns if any new point comes up. Don’t write ledger in a paragraph format. This is because it quite difficult to search for information and analyze it. You may also like the Tenant Background Check Authorization Form.
Step#3: Put in the comments
In the case of tenant rent ledgers, comments are a useful tool. You can simple include a comment column in your table. This would give space to write regarding each month. You should also specify the mode of delayed payments, any advances made, any issues faced in payment such as a check dishonored, etc.
Step#4: Get it signed
Every month or after every few months, you should always get your tenant rent ledger signed from your tenant. This way, the landowner and tenant remain on the same page in terms of rent payments. Moreover, you should also get it signed. It helps you later in court if any legal battle begins. A signed tenant ledger have more weight in court. Also, it keeps the scale in your favor.
Step#5: Indicate mode of payment
It is always best to specify in what way payment has been made every month or week. This assists in tracking the payments when auditing your accounts. While auditing accounts, many times cash payments via hand go unrecorded and may cause confusion. You may specify a standard mode of payment in tenant details. In the comments section, you can note any deviation from it. You can also make a separate column for a mode of payment. You may also see the Tenant Information Update Form.
Detailed Tenant Ledger Template
Free Tenant Ledger Template
Request To File Landlord Tenant Lawsuit Template
Standard Tenant Ledger Template
Three Day Notice to Pay Rent or Quit
In conclusion, a tenant ledger template is an effective tool that indicates the record of rent payments made by someone in return for using the rental property. This document is usually used by the house owners, property managers, and real estate investors.