This blog will discuss the following:

• Rent income
• Rent receivables
• Unpaid rent
• Collection and bad debts
• Eviction

Rental income

In cash accounting rent income is monies you deposit to your bank account when paid by your tenant. When you own more than one rental, you may be interested in the audit of rent monies and tracking the process. Furthermore, it could be some renters pay late, or you do not see their payment.

Rent receivables

In these cases the accounting is a rent receivable. Monies owed to you but not paid yet. In the rental business when rent receivables show rent unpaid latter than your lease contract states, you charge a late fee. If the rent is still unpaid, you can decide to start eviction proceedings by filing an Unlawful Retainer.

Unpaid rent

Some accounting software like leaseze.com provides for bad debts accounting, especially if rent receivable is not paid after 30 days.

Collection and bad debts

Latter if you do collect this bad debt you can use leaseze.com to correct the accounting. A judge can give you a judgment that provides the landlord a method to garnish the wages of the renter.

Eviction

Eviction is a drastic measure and one that is specifically addressed by laws in every state. State laws detail requirements landlords must meet to end a tenancy. Depending on the situation, various forms of notice are required to terminate a tenant's occupancy of your property. Most rules include guidelines on how to write and deliver eviction papers.

Relevant Information:

Rental Property Depreciation in 2020   |   Protect your investment income, no matter what. Avoid Eviction   |   Property Management Accounting with Quickbooks   |   Deductible Rental Schedule e Expenses   |   Tenant Move in Inspections for Rentals with PDF Checklist   |   Cozy.co vs Avail.co   |   Rental Property Accounting - two tips you cannot do without   |   Rental Property Security Deposits   |   You Need a Rental Application   |   Screening Your Tenants - The Basics   |   Rental property bookkeeping and why you need it   |   What is Leaseze   |   Verify Your Tenant Applicant’s Income The Right Way   |   Check Past Landlord References   |   Fake Paystubs and Income Verification   |   MANAGING YOUR RENT, LATE FEES AND GRACE PERIODS   |   Rental Property Management Mistakes   |   PAYMENT of RENT WITH VENMO, PAYPAL or ZELLE   |   Rental Property Tenant Onboarding   |   Many Landlords Are Accidental Landlords   |