Owner Contributions

There may be times when you receive an Owner Contribution of funds (deposit) to pay for additional property expenses that need to be properly applied to the appropriate ledgers and categories. You may receive those funds by check or other means outside of the software or by direct ACH payment from the Owner initiated from their Owner Portal. These instructions cover both scenarios.

Notes: Funds can be transferred between 2 properties owned by the same owner client; click here for more details Transfer Funds Between Properties

Set Up an Owner Contribution Category Default

Rentec Direct software has provided default categories for property management-related financial transactions, including owner contributions (4110). 

If your accountant recommends a different category number, you can edit the default number or create a new one using the steps below.

In your Rentec Direct account: 

1. Click on Banking 
2. Click on Chart of Accounts
   1. To edit a Category Account Number
      1. Click on the paper/pencil
      2. Change the Account Number
      3. Click on Save Changes
3. Click on +Add Account (to create a new category)
4. Enter a Description such as Owner Contributions 
5. Set the Type as Income
6. Set the Class option as Standard
7. Add a Reference Number or check the box to allow the system to create a category reference number for you
8. Click on Save New Account
9. Then click on Settings
10. Under Financial, click on Accounting Defaults
11. Under Financial Preferences, using the dropdown select the Owner Contribution Category
12. Click on Save Changes 

Verify Owner is Setup for ACH Transactions

Owner clients already set up for ACH transactions with an enabled portal can now log in to make contributions. 

If Owner profiles need to be updated, there are just a few quick steps.

In your Rentec Direct account:  

1. Click on Owners
2. Right-click on the owner and select Edit Owner
3. Enable the Owner Portal
4. Under Payment Info
   1. Using the dropdown, select ACH Checking as the Payment Method 
   2. The From Account used for ACH transactions is the same bank account used for owner contributions. Using the dropdown, select the Bank Account funds will be deposited into
      Note:  Bank Account must be a merchant account
   3. Enter the property owner's Bank Routing # and Bank Account #
5. Click on Save Changes

How do Owners make an ACH Contribution? 

Owner clients can make contributions by ACH through the  Owner Portal.

In the Rentec Direct Owner Portal: 

1. Click on Statement 
2. Click on Make Contribution
3. Select the Property funds are to apply to
   
4. Indicate the Amount
5. Click on Process Contribution

Post an Owner Contribution Received Manually

Posting an Owner Contribution received manually is the same process as posting income.

In your Rentec Direct account:

1. Click on Properties
2. Right-click on the Property and select Post Income
3. Enter payment details
   1. Select the Owner Contribution category
   2. Leave the Tenant as None
4. Click on Post Income