What must be done with tenant funds immediately upon receipt according to property management regulations?

The requirement to issue pre-numbered receipts upon receiving tenant funds is crucial for maintaining accurate financial records and ensuring transparency in property management practices. This procedure not only serves as a record of the transaction but also provides the tenant with proof of payment, which can be important for dispute resolution and accountability.

Issuing a receipt immediately demonstrates professionalism and promotes trust between the property manager and tenants. It also helps in tracking income for financial reporting and tax purposes. Proper documentation of transactions is essential in property management to avoid potential legal issues and maintain compliance with regulatory standards.

Other practices, such as depositing funds in the owner's account or keeping them in cash, may not offer the same level of protection and accountability for both the tenant and property manager. Issuing pre-numbered receipts stands out as the best practice in handling tenant funds according to property management regulations.