Rental building inventory includes all those instruments that a person borrows in order to rent them out. If your company has a rental inventory, it might include different instruments and items that can be used for loaning or leasing purposes. The rental building inventory is considered to be different from the retail inventory. Unlike retail inventory, rental inventory is a fixed asset that undergoes depreciation.
Importance of using the rental building inventory worksheet:
The inventory of the rental building is the register in which we keep the record of the rental building. The template of the rental building inventory worksheet is usually provided in MS Excel or MS Word format. You can choose it in whichever format you like.
A person who has lots of buildings in his ownership and usually leases them out should use the rental building inventory worksheet. This document is also used by housing societies that have lots of buildings to lease.
The use of this sheet is to enable the businessman to know which building is available for lease and which is not. When someone requests the lease, the building owner can check the inventory worksheet and determine whether he can lease it or not.
The building present in the inventory is usually is leased out and then the consumer pays the rent to the building owner. The rent is given to the item which undergoes depreciation over time. Whenever a building is rented out to someone, the building owner makes a profit out of it. Therefore, he needs to use the worksheet in which he can keep a record of the building inventory.
What information is included in the rental building inventory?
If you want to create an inventory worksheet of your own, you should know what details it should accommodate. Here is the list of details:
While taking control of the inventory, it is important to keep tabs on the time for which the building has been on lease. This allows the building owner to estimate the rent amount that he must have received.
The duration can be mentioned in the form of weeks or months. Since this worksheet is for keeping a record of all the months, this column should mention each week or month since the lease has been signed.
- Due date:
There should be another column in which the due date of the rent should be mentioned. Since this worksheet collects the rent information each month or week, the due date of each month should be specified separately in its column.
- Rent period:
The rent is usually for a specific period in the case of a fixed asset such as a building. Once that time period is over, the tenant is required to pay the rent again. So, the period of the rent is important to be specified. There can be two columns for this information. One column can be for mentioning the starting date of the period while the other can be for the ending date.
- Rent amount:
This part of the worksheet covers the information regarding the rent the tenant is supposed to pay. This worksheet also collects the information regarding the amount the tenant has paid. If there is some amount due, a separate column for the due amount can also be created.
Once the worksheet is completed, the person filing the worksheet with the necessary details signs it. In many situations, it is important to know who has filled this worksheet. That person can be consulted for obtaining a different type of information.
Rental building inventory worksheet template
This template is specifically designed for people who have to maintain the inventory of their rental building without losing track. Consistency is the biggest issue in people’s life. They don’t find time to fill the empty fields of the worksheet on daily basis. This creates a problem in the long run because inventory worksheet is important to be maintained for them.
The template is editable and it allows the user to add or remove the information that he wants. The user is also allowed to change the format of the template to make it more suitable for his as well as the needs of his business.