Demystifying The Rental Ledger: A Comprehensive Guide For Landlords

What is a rental ledger, the rental Ledger is a control used in accounting to record in chronological order all transactions recorded in the Daily Book, grouped by accounts and subaccounts. With the support of the Ledger in Accounting, controlling the movement and balance of all accounting accounts of property separately is possible, allowing interested parties to determine their balances and results.

In other words, we can say that the Ledger is a detailed history of transactions and the balance of accounts that make up a company’s chart of accounts and balance sheet. In addition to contributing to business management, this type of book is essential as a source of data for preparing accounting reports such as the balance sheet and the balance sheet.

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Is rental Ledger mandatory?

Despite being important for any company, the Ledger is mandatory only for those included in the Lucro Real tax regime. In addition to being mandatory for Real Profit companies, the Ledger must be prepared by an accountant registered with the CRC – Regional Accounting Council.

What Are The Characteristics Of The Ledger?

According to the legislation in force, the Ledger needs to follow a specific presentation based on the following characteristics, check:

  • Name and code of the accounting account;
  • Posting date with day, month, and year of occurrence of the fact;
  • Launch history with the description of the movement;
  • Movement value;
  • Indication of the nature of the carrying balance (debtor or creditor).
  • It is worth mentioning that the Ledger must have the opening and closing terms and when printed, must be bound on a hard cover.
  • Does the rental contract need to be registered with a notary?
  • It is not an obligation! A main point must be analyzed before making this decision, as this process has advantages and disadvantages.

Consider first who is involved in the process. The biggest point of attention here is when it comes to a contract signed directly by both parties. Not having a third-party company (real estate) to help regulate the terms, rights, and duties.

By Real Estate

As we explained, registering a real estate agency such as 33 realty chicago for example with CRECI ensures the process is safe. Because the company will be responsible for mediation and negotiation, and as an agency supervises this, we are guaranteed that there will be no injustices and errors in applying the Tenancy Law. It is very important to pay attention to the instructions given to you by your real estate agent. And always read the contract drawn up by the tenant so that you are aware of your duty and obligation and your tenant’s duty and obligations.

The real estate agency is responsible for ordering and regulating the process, but it is the responsibility of the lessee and landlord to clarify their doubts, whether reading the contract, researching, or asking for help from real estate professionals who are always at your disposal. Having this company in charge of all leasing processes that may cause problems, the owner and tenant are assured of a more productive and safer process.

  • Negotiation;
  • Hiring;
  • Monthly payments;
  • Conservation, renovations, and improvements to the property;
  • Delivery or eviction;
  • Right of continuity in a commercial property;
  • Contract renewal;
  • Negotiation of adjustments;
  • Property sale.

So, if you have a real estate intermediary, registration in a notary is unnecessary.