One part of getting your business organized is being able to see all the charges and payments for a tenant at a glance. This is where a tenant ledger comes into play.
Ledgers are a critical aspect of managing your business. However, it can be difficult to create one when you have multiple tenants with multiple payment methods. Yet, if you use property management software, rent collection and tenant management can be simplified.
What is a Tenant Ledger?
A tenant ledger is a statement that shows: the charges, dates, descriptions of the charges, the payments, and the balances due. This is vital to keeping rental data organized for a specific renter. You can use this information to track charges, amounts, and pay dates for tenants.
Why is this important? Being able to quickly access this information at a glance (which RentRedi makes easy) means that you can easily see the payment history of a tenant.
How to Access Your Ledger
If you use property management software to collect rent and manage tenants, you’re easily able to create a tenant ledger. For example, in RentRedi, you can access your ledger with the following steps:
- From your RentRedi dashboard, click “Renters”
- Click on the tenant
- Toggle over to the “Charges” tab
- On the right-hand side, click “Charges” to view cards showing what’s been paid
- On the right-hand side, click “Ledger” to see the running balance with charges and payments
You can also watch the video below to see how to access your tenant ledger.