Re: Rent payments - Landlord Forum thread 345155

Re: Rent payments by AnonymousFL on May 24, 2016 @04:15

If you only have 2 rentals, there really isn't any reason to have two bank accounts if you own both properties completely. Even the most basic accounting setup can be used to track charges and credits. Heck a simple ledger on an excel sheet could do it in a pinch.

I think the question to ask is "would changing the system save you time over the long run"?

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Re: Rent payments by Fred on May 24, 2016 @06:49	[ Reply ]

My question came to mind after taking the Landlord test(1)question 8. I answered give bank deposit slips to tenant. But the correct answer was do the receipt book and have tenant mail payment to P O Box. I'm wondering what is the down side to having the tenant make payments to bank directly? I see it as a win/win for me and the tenant. The reason I use two different bank accounts numbers is to keep each unit separate. Easier for accounting but mainly so that if one tenant needs to be evicted after serving them a 3 day notice. I simply add a password to the account. Then file the court papers. In my town if you accept any money after the filing the papers it could mess up the case. For evicting the tenant. Putting the password on the bank account keeps the bank from accepting the deposit without interrupting the other tenant payment.

Re: Rent payments by Fred on May 24, 2016 @18:20	[ Reply ]

I think I figured out the answer to my own question. The reason I think you do the receipt book to the tenant is, If they paid by check you could make a copy of the check. You don't see the tenants account numbers from the bank online view of the check. This check information would come in handy should you have to evict and go to court to collect any damages. I don't know that I will change the way I'm collecting rent with tenant making the deposit to the bank at this point. But maybe in the future if someone comes up with any other reason they might be able to add.