Unless you are living under a rock, you can't deny that exchanging monetary units is ubiquitous in this economic-driven world. It is basically part of survival. But, any person…continue reading
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Monthly Rent Receipts: What Are They?
A receipt is one of the most important business documents as it acknowledges that something (with value) has been transferred from a customer to a business. And aside from showing ownership, receipts are essential for some other reasons. For example, a retailer demands that a customer must show an official receipt in exchanging or returning items, the same way as producing a receipt for product warranty purposes. Moreover, when the Internal Revenue Service (IRS) requires documentation of certain expenses and declaration of Income Tax, receipts are used.
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. 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.
According to a report by Pew Research Center, the number of rented households in the US has increased significantly from 31.2% in 2006 to 36.6% in 2016.
Meanwhile, the Harvard Joint Center for housing said that there were 43 million renters in the US in the second quarter of 2017.
The IRS suggested keeping official sales receipts for at least three years or until needed for the administration of any provision of the Internal Revenue Code.
Why Is a Receipt Important to a Business?
If you didn’t know, receipts are more than just a piece of paper that you tear apart or throw into the trash can. The IRS suggested that customers must keep official sales receipts for at least three years from the date the transaction was made. To know more about the importance of a receipt, continue reading the list below.
1. Customer Information
Besides being proof of a transaction, a receipt serves as an effective communication tool with customers. Because it notes the customer’s purchase detail like itemized products and services, unit prices, date of purchase, subtotals, taxes, and totals, buyers can use it for record-keeping. Furthermore, receipts can also communicate company policies and offer discounts.
2. Internal Accounting
Receipts are kept by businesses for internal accounting because it allows effective tracking of sales and revenue. The business’s bookkeeping or accounting department can reference receipts when a question arises about the details of a particular transaction. Also, receipts serve as crucial documentation of sales transactions when the IRS audits on its tax returns. More so, a receipt also records any discounts on sales or allowances, and later on, used for accounting and financial reporting.
3. Returns and Exchanges
If a business offers returns and exchanges policies, it often requires a receipt as part of the process. For instance, a customer got the wrong size or decided to choose a different color, they have to present the cash receipt to return the item. The customer might not able to exchange the item without an official receipt. Reading the receipt is imperative too as it usually contains information about the return policy, and how many days from the date of purchase a customer can return the wrong item.
4. Non-profit Donations
Whether an individual or a business wants to claim cash or gift contributions to an IRS-recognized 501 (c)(3) non-profit organization, they need to provide a receipt to avail of the benefits. When an individual or an organization donates to Goodwill or the Salvation Army, the value of their contribution will be deducted with a payment receipt. That is the distinct purpose of receipts for non-profit donations.
Elements of a Monthly Rent Receipt
Managing a real estate business can be tedious because of the increasing demand for rental properties. If you consider renting out an apartment or a house, it is essential to prepare various working documents to help you streamline the leasing process. One of these documents is a receipt. Either a potential tenant wants a long-term or short-term lease, you can create the receipt depending on the agreement. The most common receipt form is a monthly rent receipt. To guide you into making one, learn this receipt’s different elements below.
How Do You Create a Monthly Rent Receipt?
Creating a monthly rent receipt is not as hard as you think. You can use templates to convenient make one. Also, word processors and editing tools can save you so much time. Before downloading a receipt template to begin your task, make sure you did not skip the elements above. It is helpful in familiarizing the parts of the rent receipt. Additional, the discussion above is useful in formatting the form. The tips below are dedicated to guiding you create a monthly rent receipt. Let us get started.
Tip 1: Select a Stencil
Stencils or templates are easily accessible online. To download high-quality templates, browse through our website and discover a collection of ready-made business stencils suitable for different occasions. Using a template will not require you to start from scratch in creating the monthly rent receipt. Aside from that, it comes with editable suggested content so that you can align the elements to your needs. If you are still hesitant in using a template, think of the time you could have spent on other projects than spending so many hours making a single receipt.
Tip 2: Choose an Editing Tool
A good editing tool can double the convenience of your chosen template. However, you just cannot pick a random word processor. To use an editing tool, make sure it is compatible with the stencil you downloaded. The way around this is by checking the template’s feature on the website. The applicable tools should be mentioned on the webpage. Choose a template that is suitable for the word processor you can easily access. Otherwise, looking for the right editing tool for your template will be an additional task.
Tip 3: Make It Appealing
Even if a monthly rent receipt is a business document, it is not an excuse to keep it plain and bland. Make it appealing but not too much. You can add borders and tables to neatly organize the content. It is also important that the receipt sticks to your brand. Thus, use logos or symbols that are easily recognizable as your belonging. It helps clients identify your business through representations. However, overdesigning the receipt can deficit the purpose it serves. So, find the balance to keep everything afloat.
Tip 4: Keep It Simple
In addition to the third tip, keep the monthly rent receipt simple. Make the form look professional by using simple font styles or use novelty fonts if you want to make a statement. Use your own judgment in creating the rent receipt. What matters is to stick to your personal preference.
What other business records should I keep?
- Previous Tax Returns
- Employment Taxes
- Assets and Business Property
- Canceled Checks and Bank Statements
- Credit Card Statement
When to use a receipt?
Every transaction that involves a transfer of something valuable should require a receipt. This way, that transaction is documented. The receipt also serves as proof of the transaction made.
What counts as a rent receipt?
A rent receipt should contain the following: (1) date of payment, (2) tenant’s complete name, (3) landlord’s complete name or official business name, (4) amount of rent paid, and (5) method of payment.
Properly tracking every business transactions and sales are essential to a rental business. An efficient monthly rent receipt is the cornerstone of a smooth record-keeping as it is necessary for accounting and bookkeeping. Therefore, a landlord should invest in creating a useful receipt form to promote efficiency. For more receipt form templates, visit our website and download a copy from our trove now!