When receiving cash funds from tenants, which requirement must a property manager follow?

Using pre-numbered receipts in duplicate form is essential for property managers when handling cash funds from tenants. This practice enhances accountability and provides a clear audit trail for all cash transactions. By utilizing pre-numbered receipts, both the property manager and the tenant have a record of the transaction, which can prevent disputes regarding payments. The duplicate form ensures that there is an official copy retained by the property manager for their records, which is crucial for financial reporting and compliance with property management regulations.

In addition to streamlining tracking and accountability, issuing pre-numbered receipts helps mitigate potential fraud or mismanagement of funds, as every transaction is documented in a systematic manner. This level of transparency is vital in maintaining trust between property managers and tenants.