35+ Tenant Receipts

What Is a Tenant Receipt?

Rent official receipt is an essential document for both landlord and tenant even if it is not required in all states. If you have a rental business, some states may require you to be responsible for issuing tenant receipts to your renters. Aside from helping landlords keep important lease records, this type of business receipt provides tenants with proof that their rent has been paid.

Although it comes in many names like landlord receipt, rental receipt, or lease receipt, a tenant receipt serves the same purpose as them and this is to acknowledge something with value is transferred such as payment made by a tenant. Commonly, tenant receipts are composed of the property address, payment source, landlord’s signature, and most importantly the amount paid. There are other additional parts depending on the intent of the receipt.

According to a report published by United Nations, there are 3.6 Million Eviction Cases filed on average each year in the United States, which results in approximately 1.5 million eviction judgments annually. Many factors can affect the eviction rate. In most cases, it is a cause and consequence of poverty. While housing costs are high in the US, renting households struggles with their expense, placing them at risk of eviction.

What Are the Different Types of Receipts?

In every purchase we make, we receive a receipt. Usually, it contains details of the business providing the receipt as well as a breakdown of services or goods, amount, date of purchase, and, sometimes, the name of the cashier. But did you ever wonder why businesses are obliged to issue receipts? And why it became a customer’s responsibility to keep them? Well, the quickest answer to these questions is it can lower your taxable income return and increase your potential for a tax refund. Sounds like good news, is not it? But not all receipts are qualified for this. There are only a few acceptable receipt forms and we thought you might want to get acquainted with them. Below are the different types of receipts, let us take a look.

Hotel Receipt: Anyone working in hotels is familiar with hotel receipts. Their personnel creates these documents in the first place to provide every guest with a copy. First of all, a general receipt refers to any document acknowledging completed transactions. This itemized sheet contains the critical transaction details—payment amount, item description, date of purchase, you name it. When it comes to a hotel receipt, it is the receipt specifically for hotel transactions. Indeed, this form contains evidence if guests completed their payment for the room accommodation. The same goes for other services that were availed during their stay. And as a protocol, the staff must present a valid receipt when a guest checks out.Restaurant Receipt: In general, receipts are primarily made for products that are sold by a vendor to a customer. Usually, it is consists of the number of items (quantity) multiplied by the price per unit. A restaurant receipt is a crucial accounting record as it serves as evidence that a transaction happened. That is why restaurants issue receipts as proof of purchase of their product or service. Based on a report published by Restaurant.org, there are more than one million restaurant locations across the US, and it was projected to generate $899 billion US dollars in 2020.Monthly Rent Receipt: Giving out receipts is not just a vendor-consumer thing, it is also issued in business-to-business transactions, stock market dealings, and even in the renting process. Furthermore, a monthly rent receipt is issued to document rent payment between the lessee and the lessor. It contains important information like the amount of rent, the date of payment received, and the method of transaction. In some places, employees present a monthly rent receipt to their HR officer to avail of a house rent allowance.Donation Receipt: The quickest way to answer why donation receipts are important is to say that it is for proof that a person donated something with value. Just like an acknowledgment letter, you can state who donated for a certain fundraiser, foundation, church, and other causes. The same goes for acknowledging what a certain gift is for. Documenting donations must be taken seriously to avoid scams. Donors might be shocked where their cash or in-kind charity went when the recipients did not actually receive the donation.Delivery Receipt: As a business transaction, food delivery services issue delivery receipts as proof of purchase. It usually contains relevant details used during the transaction such as the merchant’s business name, location, contact information, receipt number, and date of purchase. Additionally, the receipt contains some of the customer’s information like name, address, and contact information. Other details are included depending on the business.Service Receipt: A service receipt is one of the most important documents used by businesses that operate and offer services to clients. This printed or handwritten document confirms that a service provider has rendered a valuable service to a client. Also, service receipts are reliable proof in financial transactions because they contain the details of how much the services cost, what specific services were given, and so much more.Landlord Receipt: A landlord receipt comes in many names. Some call it a rent receipt or a tenant receipt. This receipt is an acknowledgment of payment made by a tenant. Typically, it is in the form of cash but can be for cards and physical checks too to show that the tenant paid on time. A receipt commonly consists of the property address, payment source, landlord’s signature, and most importantly the amount paid.Vehicle Sale Receipt: A vehicle sale receipt is a basic document used as proof of payment when a customer purchases from a car dealer. If the buyer deals with a private seller, then a vehicle private sales receipt will be used. Just like any official receipt, the vehicle sale receipt displays the title, payment amount, serial number, etc. But, car sales include the car description, add-ons information, sales tax, and more.Children Care Receipt: Daycare and child care centers offer special services to take care of the young in case their parents are still away or busy with work. And after the company renders such services, they will eventually issue official receipts to the parents. Thus, child care receipts are what child service centers put into writing to confirm the parents’ payment of the given services.Insurance Receipt: An insurance receipt refers to the receipt form given to the person whose payment will proceed to insurance. And it is a useful tool to prove that one’s payments did not go wasted but actually went to their insurance coverages. Expect the insurance receipt to tackle the account holder’s name, payment amount, balance, serial number, and more.

How to Make a Tenant Receipt

If you manage a rental property, whether you rent out an apartment or a whole house, it is imperative that you give tenants a receipt when they make payment for the lease. Depending on the agreed-upon rental contract, collecting payment should be done regularly since many states mandate landlords to provide business receipts. The reason why it is required is that receipts give tenants a way to prove they have paid rent in case matters escalate to the law of court. Tenants can also use the receipts as proof of payment when claiming the renters’ tax credit offered by selected jurisdictions. Because of that, learning how to create a receipt is a good investment. We can help you with that by reading the tips and tricks below. Let us get started, shall we?

Step 1: Collect Payment From Your Tenant

Before a tenant can move into the property, they should sign a lease agreement first. Make sure that both parties are on the same ground when establishing the agreement. Additionally, the agreement must contain the payment terms, which discuss how often rent will be collected by the landlord. It could be monthly or bi-monthly. Take time to talk with each other, and once everything is settled, stick to the rent agreement for the entire lease term to avoid complications.

Step 2: Use a Ready-Made Receipt Template

When it is time to collect rent, as a landlord, ensure that a receipt is right at your fingertip. If not, then create a tenant receipt that is suitable for lease transactions. There is no single way to make your payment receipt. You can use the format from an old receipt if there is any. Or you can use a printable template, to make a new receipt. Start by browsing through our website and discover an array of different stencils fitting for personal and business needs. To select your template, click the download button. After that, you can begin editing the template using a compatible editing tool.

Step 3: Incorporate Business Details

Editing a receipt template is not as challenging as you think. It is easy because each of our templates comes in with suggested content ready to be modified. Provide a title for your sale receipt and incorporate the business details. Place beneath the title the location of the rented property. Moreover, add the business’s contact information including telephone number, mobile number, and email address.

Step 4: Provide Tenant Information

The body of the cash receipt is its most important part. This section outlines a detailed breakdown of the transaction. It includes the amount due, date of payment, sub-total, applicable tax, discount, and the total amount paid. When all this is covered, indicate the name of the tenant and you can even include what property they are leasing and when they started renting it. Lastly, let the landlord sign the receipt to make it valid. Keep it for at least three years of its validity as it is useful if a dispute arises.

FAQs

What should you include in a tenant receipt?

  • Date in mm/dd/yy format
  • Receipt number
  • Name of tenant
  • Amount paid to the landlord
  • Method of payment
  • Address where the payment is made
  • Name of the person who received the payment
  • Address of the rented property
  • Contact Details
  • Landlord signature

Why receipts are important?

Having a landlord’s official receipts means you are current with your rent payments. If the landlord claims you have not paid yet, you can present a copy of the receipt you received from them. Likewise, if a landlord sues you for nonpayment or takes you to court for eviction notices, you can prove your payment by showing the fee receipt.

How is receipt beneficial to a landlord?

A lease receipt helps landlords keep track of which tenants have paid and which have not. However, a receipt of payment by check does not prove that the check actually cleared. If a check is invalid, the landlord can still go after the tenant for the nonpayment of rent.

A working receipt template is not just beneficial to rental businesses. It is one of the most important business documents. When you invest in making reliable receipts, it can contribute to business success because having a record of transactions gives you an overview of your financial situation.