At the start of the month
- Enter the amount due and due date for every unit before any payment arrives. A rent ledger with separate charge and payment columns works for this.
- Check your rent roll for lease changes, renewals, or move-outs that change the amount due.
When a payment arrives
- Record the date received, amount, method, and the rental period it covers.
- Give a numbered receipt where one is useful, such as cash payments, and keep a copy.
- If the amount is short, enter what arrived and leave the remaining balance visible. Do not overwrite the amount due.
At month end
- Match each non-cash payment to your bank or payment service record. Look into anything that appears in only one place.
- List units with a balance still owed and note any contact you made.
- Log rental expenses paid this month in an expense log and save the receipts.
- Back up the spreadsheet somewhere separate from the working copy.
Late rent and notices
Late fees, grace periods, and notice requirements are set by your lease and by state or local law, and they differ widely. Check your lease and your local rules before charging a fee or sending a notice. This checklist only covers keeping the record accurate.
For more on the record-keeping side, see How to track rent payments and the landlord records checklist.