How to Create a Rent Invoice in QuickBooks

Landlords may want to use modern, high-tech options for creating the bills and other documents that they send to tenants on a regular basis. Establishing a software system for rent invoices can help with overall organization, as well as record-keeping. It can also help make the task of sending out rent bills less time-consuming. One option is to create a rent invoice in QuickBooks. This program has all of the necessary functions to support billing for rent and other financial aspects of property management. Some common steps will help beginners to create the rent invoice.

Steps

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    Collect all information about the renter, including the full name and other identifying information. All of this is important to have on the rent bill or invoice to make it legitimate.
    • Make sure that you have the right housing unit number for the tenant. Without this, rent billing can get confusing.
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    Clearly identify your business and contact information on the rent invoice.
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    Select a template from QuickBooks. The program has a variety of invoice templates that can be used for a rent bill or invoice.
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    Choose the "create invoice" command from the customer menu.
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    Click on "Customer:Job" to select a previously programmed tenant. If the tenant is not previously in the system, use the "Add new" command to set up a new tenant. Use all of the identifying information to input the new contact into QuickBooks.
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    Use class tracking as necessary. This extra feature on invoices allows for more advanced record-keeping.
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    Enter line items. This is where the landlord bills for the rental amount by month, as well as any other applicable details.
    • Know the current monthly rental amount. The amount that must be billed needs to coincide with all current agreements with a specific kind. These can be influenced by rent controls, rent increases, deductions for property improvements or any other specific agreements.
    • Bill for other items separately. Items like pet costs, extra occupants or other costs should be addressed on a line item. This is also an opportunity to list separate security deposit costs if the tenant is moving out and will need to use part of the security deposit to pay damages to the housing unit.
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    Create a message for the tenant. Using the QuickBooks message option, the landlord can communicate anything about the line items or other reminders or disclaimers as necessary directly to the recipient.
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    Use a memo as necessary. The memo is something private that does not show up on the invoice. This can be helpful for various property management purposes.
    • Include any back rent information, length of time on the lease or any other details of the memo field. This can help the lender to track of how much time is left for a particular tenant, and where the particular unit may be headed if the lease is almost up.
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    Use print or send commands to help with delivery. QuickBooks allows the user to choose print commands to mail the invoice, or email commands to send it by email. Choose according to current agreements with the tenant.

Article Info

Categories: Accounting and Regulations | Quickbooks