Tuesday, January 7, 2014

Cash Money

We have new tenants in Rental # 3 and they prefer to pay their rent in cash.

The upside of cash is that it is cash.  I know there is not going to be a bouncing check issue and when I deposit the cash it is instantly credited.

As an aside, have you seen the new $100 bill?  It has a 3-d security ribbon and a liberty bell hiding in the ink well.  There is also more color on the front and back.  I had several new $100 bills, which were new to me, a couple of the 1996 $100 bills and one 1990 $100 bill.  After I got over my amazement at the new $100 bill, the old school 1990 $100 bill really looked fake to me.

The downside of cash is that I have to go to the bank to deposit since, sadly, there is no remote way to deposit cash.  The other downside of cash is that it is hard to keep track of.  With checks, I have an image of the check for my records.  So, we have come up with a system.  First, we give the tenants a receipt so they have a record and we have a record in the receipt book.  Then when I deposit the cash, I am keeping an ATM receipt and putting that in my records in place of the check image.

1 comment:

Frugal Coconut said...

Just be aware that the ink on the ATM receipt will eventually fade so that the printed information on the receipt will eventually become illegible.

One way to combat this would be to make a copy of the receipt or to simply scan the receipts so that you can store them electronically.