Depending on your particular skills as a property handler or landlord, you may have never dealt with a rental invoice before. While a rental invoice is not always required, there are a few conditions when using this type of statement that can assure timely and accurate payments. Have you ever face the difficulty of collecting rent, electricity, and water charges from your tenant in three separate payments? Don't worry, Using a rent invoice and charges can help you to organize your business, and organization can always lead to a better bottom line. Let's talk more about the rent invoice.
What is a Rent Invoice?
A rental invoice is a simple form given to tenants as an official request of rent that is nearby or has exceeded the due date. The rental invoice can be used for month-to-month rentals as well as long-term rentals like a one-year term. Added in the invoice are sections specially designed for landlords, such as a section for the tenant’s name and contact information, the property details and address, any charges that were issued to the tenant (over electricity usage charge, property harm, late payment fee, etc.), and a section to specify when the rent is due.
What Should a Rental Invoice Include?
The key to making an excellent rental invoice is identifying what to insert in the invoice. Many downloadable forms are available online to make this simple for you. But you’ll still want to supply the right data beyond the tenant’s name.
Your invoices should cover all of the property-related details such as the address or apartment number. It should cover the amount of rent the tenant is supposed to pay as well as the rotation of the rent. You’ll want to add the date rent is due. Then you need to state when you acknowledge payments are late and what, if any late fees, the penalty might apply.
If you bundle extra services with the first rent, such as electricity or internet charges, you’ll want to have this written on the rent invoice as well. You will need to make sure you enter the methods of payment you receive as well so there is no doubt about any details.
How to Write A Rent Invoice?
Step 1 – Rental Billing Information –
Bill From –
- Landlord or Property Manager’s name
- Company name (if any)
- Street address
- City, State, Zip Code
- Telephone number
Bill To –
- Initial Tenant’s name
- Company or group name (if any)
- Street address
- City, State, Zip Code
- Phone Number
Invoice Information –
- Submit the billing document number
- Date of billing in mm/dd/yyyy form
- Due date in mm/dd/yyyy form
Step 2 – Property and Rent Information –
- The Property Manager or Landlord need to read the terms statement
- Write the day or date of the month when rent is due
- Give an additional percentage per month’s rent that the tenant should assume to add for late rental payments
Step 3 – Payment Information –
Make an analysis with the property manager or Landlord about other potential forms of rental payments (ie: check, cashier’s check, recurring credit card, or reviewing account payment, etc.)
Credit or Debit Card –
- Check the section next to the preferred card for payment
- Enter the cardholder’s name
- Account or CC number
- Expiration date in mm/yy format
- CVV security number (CVV is a 3 or 4 digit number that is placed on the backside of the credit card)
- Write the zip code of the billing address associated with the account
- The tenant needs to read the support if in agreement, enter the tenant’s signature
- Date of signature in mm/dd/yyyy format
Bank Wire –
If the manager, tenant, or landlord would be interested in using a bank wire for their rental payment method
- Give the Name on the Bank Account
- Street address
- Bank name
- Accounting number
- Routing number
- Account Type
PayPal Option-
- The tenant can also prefer to pay their bill by use of their PayPal account, (and management or landlord agree) they require to give the email address quickly connected with the PayPal account
- The tenant may send a “money demand” for the client to reply to OR
- The tenant has their reports and can log in to their report, click on “send money” and submit the data required to make a rental payment to management or the landlord
Easily Send the Invoice to Your Tenants
Once you’ve built the perfect rental invoice, you want an easy way to send it to your tenants. You can assign the invoice and post it to each tenant or deliver it to their door. You can also save the invoice in PDF form and email it to them. Both can later print it on their own if they’d like a print for their records.
Conclusion
If you’re all set to start transferring invoices to your tenants for the rent due, make sure you have a rental invoice that seems great and includes all of the needed information. Download or create your own lease agreement template.
