This blog will discuss the following:
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.
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.
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 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.
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