Day: December 15, 2019

Efficiency: ACH for Rent Payments

In part two of the Efficiency series, I am going to discuss rent payments; specifically the most efficient way to receive payments that can “kill two birds with one stone” for your rental business. First let’s discuss the most common ways rent is paid. Cash – This method is a bit antiquated but still acceptable. Lends itself to being spent before being deposited into the rental checking account and understates the income received. Aside from that, proper handling isn’t always completed. When receiving cash payments for rent, AMH recommends that a receipt, signed by the property manager or landlord, be given to the tenant, that the payment gets recorded into the accounting system, and a deposit slip is immediately made for that payment listing the address and tenant the payment came from. Multiple cash payments can go on one deposit slip. Check – Another acceptable and somewhat antiquated method of payment. There are benefits for the tenant in being able to pay rent via check not for the landlord or property manager. For tenants, particularly if they are using a checkbook with the carbon copy feature, have written proof that a check was written for their rent. For the landlord