If you’re tired of sending out paper receipts, an alternative is a landlord software like Rentalutions which allows you to manage all aspects of  your rental properties. You can accept and manage online payments, send email receipts to tenants, schedule maintenance visits, screen potential tenants’ rental history, and more.

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Since it’s 2017: Free and Cheap Online Alternatives to Paper Rent Receipts

Let’s face it, the days of waiting by the mailbox for a check, driving to the bank to cash it, then sending off a smudged paper receipt are numbered. In most industries, paper checks and receipts vanished a long time ago and no one seems to miss them. Luckily, the paperless revolution has finally made it’s way to property management. Even better, these solutions are now priced so competitively that they’re often cheaper than printing on dead trees and waiting for a government employee to drive it over in a gas guzzler.

Solutions for Smaller Landlords

If you’re a small landlord (20 units or less) Rentalutions is probably your best bet. They let you screen potential tenants’ rental history for missed payments or prior foreclosures, accept online payments and send email receipts, schedule maintenance visits, and provide you with free lease templates that are state specific and prepared by attorneys. Best of all, they are one of the most affordable options in the industry with your first rental being free.

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For Property Managers and Larger Landlords

If you’re managing or own more than 10 or so units, then you may want to step up to a more advanced property management application like Buildium. You screen tenants, collect online rent payments, set up and record walkthroughs and more. To learn more, check out our in-depth review of property management software here.

What is a Rent Receipt?

A rent receipt is an official record of rent payment that is often signed by the landlord to prove that the tenant paid rent for a given period of time. Rent receipts can be used as legal proof that rent was paid for disputes, tax purposes or simple record keeping.

Do All Landlords Need to Provide Tenants with Rent Receipts?

While many states require that landlords provide their tenants with rent receipts, many states do not. For example, in New York State, landlords only need to provide a rent receipt if the tenant pays with something besides a personal check, or requests that the landlord provide a receipt:

New York Real Property Law § 235-e

(a) Upon the receipt of rent for residential premises in the form of cash or any instrument other than the personal check of the tenant, it shall be the duty of the landlord to provide the payor with a written receipt containing the following:
1. The date;
2. The amount;
3. The identity of the premises and period for which paid;  and
4. The signature and title of the person receiving the rent.
(b) Where a tenant, in writing, requests that a landlord provide a receipt for rent paid by personal check, it shall be the duty of the landlord to provide the payor with the receipt described in subdivision (a) of this section for each such request made in writing.

http://codes.findlaw.com/ny/real-property-law/rpp-sect-235-e.html#sthash.2QEVPacP.dpuf

California, Texas, and Florida have similar laws. In order to find the law on rent receipts in your state, check Findlaw, your local state website, or consult with your attorney.

Expert Tip: If you want to save on legal fees, Rocket Lawyer offers free advice from attorneys for members. Invaluable for landlords. Check it out here.

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Other Benefits of Giving Your Tenants Rent Receipts

Besides your potential legal obligation, the other main benefit of providing your tenants with a rent receipt is the peace of mind it gives them. Remember, part of your job as a landlord is to make your tenants feel comfortable and secure in their homes. Giving a professional looking rent receipt reminds them that you take their tenancy seriously and value them as tenants.

What Should Your Rent Receipt Include?

Though rent receipts can vary widely depending on the type of unit and type of rental arrangement you have with your tenant, there are a few basic things that all rent receipts should include:

• How much rent was paid – The exact amount of rent paid is the primary reason for creating a rent receipt.
• What time period the rental payment covers the tenant for – This is another crucial element of a rent receipt. Though unlikely, a tenant may be able to claim they thought the rent payment covered a longer period of time than one month. If you don’t have a lease, or have your tenant on a month-to-month rental agreement, this is mandatory for all rent receipts.
• The name of the tenant who paid rent
• The full address of the unit they paid rent for including apartment number
• The date rent was paid
• The method of payment e.g. cash, check (include the check number), money order etc.
• Money still owed for the remaining lease term – You may also want to include money still owed for the duration of the lease. For example, if the unit is $1000 per month and they just paid May rent, your rent receipt could include that that they still owe $7,000 for the remainder of the lease.
• The name, signature, title and office address of the person who accepted the rent payment – Signing your rent receipts is very important and proves you are accepting the tenant’s money in good faith. You should also include the full name and contact info for whoever accepts or processes the rent payment.

The Bottom Line

Before you download a free rent receipt to offer your tenants, make sure you understand the laws in your state, and include the appropriate information to protect your tenant’s rights, and give them peace of mind.

If your tenants can pay with a credit card, then you should consider landlord software like Rentalutions. Tenants can pay online and receive automatic email receipts. Rentalutions can also save you a bunch of time managing other aspects of your rentals, like tenant screening, lease creation and signing, and maintenance scheduling.

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