Free Lease Ledger Template
A lease ledger, also known as a rental ledger, is a financial tool used to track revenue and expenses related to a rental agreement. These ledgers typically contain columns for the date of the expense, a description of it, the amount, the amount paid and the outstanding balance. Either a landlord or a tenant can keep a lease ledger, but ledgers may contain different entries, depending on which party records the transactions.
What is a Lease Ledger?
A lease ledger is a place for tenants to record payments they have made and for landlords to record payments they have received. Additionally, tenants and landlords can record expenses made on repairs or improvements to the property.
The document can be used in court; however, without signatures from both the landlord and tenant or receipts, it is difficult to prove that what is written on the ledger is accurate.
As a tenant, you may want a copy of your landlord’s lease ledger at the end of the tenancy as proof to future landlords that you are a good tenant and as proof that you made all your payments, should your current landlord contest that later on. A copy of your landlord’s lease ledger is much better evidence than your own.
Lease ledgers can help landlords track cash flow and budget for future expenses. Ledgers can also help them evaluate expenses and identify trends, and a completed one can help identify expenses for accurate tax filings. If a landlord needs to evict a tenant, a ledger can help prove a history of missed or late payments and, if necessary, expenses for property repairs. A tenant’s lease ledger can help defend against an unjust eviction by recording the dates of rent payments and personal investments in necessary property repairs.
The importance of a rental ledger for tenants