A rental statement is a document which is provided by a letting agent for a landlord. A statement will outline a landlord's rental income and list any expenditures or deductions which were made by the letting agent as line items during the rental period. This article explains when and how to create a rental statement for a landlord.
When do you need a rental statement?
A rental statement is a useful document for landlords as it will help them prove their rental income and any potential tax deductions they'd like to make when they file their their tax returns. If a letting agent manages multiple properties on behalf of a landlord, they can provide a summary for all the properties or an individual statement for each property. A letting agent will indicate how often they will provide rental statements and receipts to their landlords in the letting agent terms of business agreement. Landlords can also request a statement if for example they need one for their own records.
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What should be included in a rental statement?
A statement should include rent receipts for the landlord and each receipt should have a unique receipt number so that they can be matched to a property address and period. The rent receipt can indicate the payment method (bank transfer, cash, etc.) and the date of the payment transaction. Rental receipts should be stored in a receipt book or folder so that payments are accurately recorded. The statement should also include line items for items purchased by the letting agent in order to manage the property. For example, this could be an emergency repair bill or other services which are detailed in the letting agent's schedule of fees and terms of business. The letting agent should provide supporting invoices or a digital receipt to justify the expenditures.
Where to get a rental receipt template?
Rental receipt templates can be downloaded online or you can create your own rental receipt template using a document editor. When creating a receipt, it's important to ensure that the data in the receipts are dynamic and connected to your systems. Connecting the data to your systems will ensure that the numbers which are presented in the statement are accurate and up-to-date. The best way to start digitising your property management business is to use a contract management platform like Legislate. Legislate allows you to create tenancy contracts which are connected to the systems you interact with. This means that you don't need to download templates and edit them yourselves, or manually duplicate rental data from the contracts to your CRM or property management software. Legislate also allows you to track your total rent and payment dates in a dynamic way so that you can quickly answer questions from landlords about their account and potential balance. To get started with Legislate and save time and money, simply create an account today.
About Legislate
Legislate is a legal technology startup which allows landlords, letting agents and small businesses to easily create, sign and manage contracts that are prudent and fair. Legislate’s platform is built on its patented knowledge graph which streamlines the contracting process and aggregates contract statistics to quickly unlock valuable insights. Legislate’s team marries technical and legal expertise to create a painless, smart contracting experience for its users. Legislate is backed by Parkwalk Advisors, Perivoli Innovations and angel investors.
The opinions on this page are for general information purposes only and do not constitute legal advice on which you should rely.