Check the rules that apply to you
Your lease and local law may say whether you must accept cash, whether a receipt is required, and what it must contain. Confirm those first. The steps below are record-keeping habits, not legal requirements.
A simple routine
- Write a receipt at the time of payment. Include the date, amount, the rental period it covers, the unit, and who paid and who received it. Number the receipts in order. A blank receipt template is available.
- Keep a copy. Give the original to the tenant and keep a duplicate or a photo.
- Log it the same day in your rent ledger, with the receipt number in the receipt column and "cash" as the method.
- Deposit it and note the deposit. Put the cash in your rental account and record the deposit date next to the entry, so the ledger can be matched to a bank record.
- Reconcile monthly. Check that cash entries match deposits. See the monthly checklist.
For tax records
The IRS says rental records should identify the source of receipts and support the income you report. See the IRS rental recordkeeping guide.