It is crucial for you to know when you have to pay rent while planning to rent an apartment or even a house. The same thing is necessary for a landlord to retain track of the number of people who are yet to pay rent. With the help of a rent payment tracker spreadsheet, you get to make things easier for you.
Table of Contents
- 1 What is a rental expense?
- 2 What is the Rent Payment Tracker Spreadsheet?
- 3 How to Draft a Rent Payment Tracker Spreadsheet?
- 4 Reasons to Set a Specific Date to Collect Rent:
- 5 How to keep track of rent?
- 6 How do you create a rental property worksheet?
- 7 Conclusion:
- 8 Faqs (Frequently Asked Questions)
- 9 How do you calculate prepaid rent expenses?
- 10 When should you avoid paying rent in advance?
What is a rental expense?
Rent expense is the total cost of occupying the rental property by business and used it for an office, factory, storage space, etc. It is usually a one or two-year contract between the lessor and the lessee. Furthermore, it is also considered one of the biggest operating expenses after the employee wages and marketing costs.
A location near a major metropolitan area or transportation lines is the only factor that can impact rental expenses.
What is the Rent Payment Tracker Spreadsheet?
A rent payment tracker spreadsheet is a significant way of retaining track of the amount of rent owed over the period of the rental. It is available in MS Word, MS Excel, PDF, Google Docs, and Google sheets in different formats. Especially, this spreadsheet helps the landlords to see their expected income, and plan and budget for any work. As well as landlords and letting agents, and tenants have also found this spreadsheet a useful tool. It enables them to keep a record of what they have paid. They can also keep knowledge of the cost over an entire rental term.
How to Draft a Rent Payment Tracker Spreadsheet?
Here are the 5 steps to draft a rent payment tracker spreadsheet;
Step#1: Before drafting any schedule, you have to provide the terms for the tenants. This involves either the owner and the tenant agree to the terms or not. These terms should be in simple language and your choice of words is accurate and factual.
Step#2: Now, you can directly begin by entering the amount of rent that the tenant has to be paid. Then, insert a column. This column contains those payments that the tenant has to pay at the end of the month or the payment that is due.
Step#3: Next, you have to provide real rent because it is the most crucial part of a rent schedule.
Step#4: While renting a property, the number of deposits that the tenant has paid must be included in the schedule.
Step#5: In the end, including the dates and exact time that when the tenant has rented a property. Also, note the date and time until when the tenant is going to rent it.
Reasons to Set a Specific Date to Collect Rent:
There are 3 reasons why you have to set a specific date to collect rent;
- The first and foremost reason to set a specific date is to establish a routine. If there is a deadline, then tenants will learn to budget their money to pay the rent on time.
- Receiving rent on time will help the landlords to budget their own bill payments.
- And by setting a certain date for collecting rent, you can keep a record of late or non-payment. This will make it easier to file for evictions.
How to keep track of rent?
You can keep the track of the rent with the help of spreadsheets such as MS Excel. You can create your own spreadsheet and download it from the internet. You can use one spreadsheet every month and then total them all at the end of the year.
However, there is various software that helps you to keep track of rent. They allow you to manage your expenses. You can easily download them on your cell phones, desktop, etc.
How do you create a rental property worksheet?
Here are 5 steps that will help you in creating a rental property worksheet;
- At first, create a rental property spreadsheet where you can put all the detailed information about the property owned by you.
- The next step is property management. If you want to get full information about the property then you will have to manage it. For this purpose, you need another sheet where you can put all information.
- The owner should keep the tenant’s data updated regularly.
- Next, maintain a record of the rent such as the expense that you did on the property.
- The owner should record the expenses of the property for the sake of maintenance and accounting of the total expenses. Hence, you must keep a record of the expenses you did on the property.
Hence we conclude that the rent payment tracker spreadsheet is crucial for both landlord and tenant. This is because it can keep a track of the number of people who are yet to pay rent. Moreover, by using this spreadsheet you can create effective budgeting.
Faqs (Frequently Asked Questions)
How do you calculate prepaid rent expenses?
The procedure of calculating the prepaid rent expenses depends on the amount of a company’s monthly rent. Firstly, you have to divide the total amount of prepaid rent by a certain number of months. For instance, if a company that prepaid $2400 for a year then divides $2400 by 12 because we know there are 12 months in a year. The result will show the amount of rent the company has to pay each month. Hence, the company has to pay $200 per month for rent. ‘
When should you avoid paying rent in advance?
Paying rent in advance is often a risk. Sometimes an emergency happens for which you have to move out on short notice. If you are on a month-to-month lease and the owner may decide to sell the property. Paying rent in advance is at risk because sometimes you can’t get that money back from the landlord. Moreover, paying rent in advance will put you in a financial crisis. Hence, before paying rent in advance keep all these things in your mind.