Rent Books & Weekly Payment
Hi, I collect our rents weekly by standing order. Logic is that its far less emotional and recoverable if a tenant misses one week rather than one month payment.
I however read that I have to issue a rent book to the tenant if I collect it weekly but not if I collect at a frequency greater than weekly.
My question is, what is the definition of a rent book? Obviously, historically it was a duplicate book that the man in the long leather coat would fill in on a Friday night to confirm payment had been received. I cover the same function by issuing an excel spreadsheet indicating when the rent is due and what rent has been received. The "receipt" is duplicated in that the tenant has a bank entry showing the money going out and I have an entry (hopefully) of the money coming in.
Am I doing it right or do I have to take other measures.
Many thanks as always
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