When applying for your next rental property, a rental ledger that shows you have paid your rent on time is always beneficial.

A rental ledger is a complete statement (or record) of every payment that you have made within your rental period. It is also a useful form of documentation if a matter ever needs to go before a court.

A rental ledger is relatively easy to read. Every line in a ledger provides a space where the property manager or landlord records when a payment has been made, how much, name and address.

If a payment was made late or if there was some other issue, the property manager/landlord will most likely note this. Being provided with a receipt protects both parties and you should keep these receipts to minimise any discrepancies between transactions.

Maintaining a rental ledger can be an advantage as a tenant. If there are ever rental disputes in regards to payment, this should be your first point of call. Comparing these with your landlord’s records to ensure they match is also worthwhile if it ever comes to this, but only if that is alright with your landlord.

Property managers normally use a rental management software to manage these ledgers.

Why you should ask for a copy of your rental ledger

It’s a good idea to keep an updated copy of your rental ledger. It can provide you with a record in the event there’s a dispute about your rental payments.

When you apply for a new property, a rental ledger is one of the most valuable documents you can have. When you submit an application, present your ledger to a prospective property manager/landlord to show your good rental payment record.