Owner Contributions

If you need to make an owner contribution (deposit) to their property to pay for additional expenses, here are the steps you can follow:

Set Up an Owner Contribution Category

In your Rentec Direct account: 

1. Click on the Settings tab.
2. Click on Income & Expense Categories option.
3. Click on Add Category.
4. Name the category in the description as 'Owner Contributions' or some other wording that works best for your bookkeeping practices.
5. Set the Type as 'Other'.
   
   System Advice: It is recommended to choose the option type of 'Other' as categories marked 'Other' will not show up on income/expense reports.
   
   Whether you are using the category to receive a physical payment (contribution) from an owner, or simply using the category to transfer funds between properties for the owner, the funds are not commonly considered income. 
6. Set the Class option as 'Standard'. 
7. Add a reference number if you wish or allow the system to create a category reference number for you. 
8. Click the Post New Category to save. 

Posting an Owner Contribution

1. Click the Properties tab.
2. Click the Green Dollar sign [$] on the property that is receiving the contribution.
3. Enter the details of the contribution such as the amount received, date received, memo. 
4. Leave the Tenant field as NONE. 
5. Choose either a bank or undeposited funds if the contribution was physically received and deposited.
   
   Otherwise choose NONE for the bank account from the drop-down menu if you are posting a transfer of funds from one property to another within the owner's portfolio as a journal entry to cover expenses. Information on transferring funds between properties can be found here: Transfer Funds Between Properties
6. Choose the Category you created for owner contributions. 
7. Click Post Income to save.