Bank Account Reconciliation (Legacy)

This help article contains instructions for the Legacy Version of Rentec Direct. More information about the latest version of Rentec Direct can be found here: The Remodel | Rentec Direct’s Newest Software Update

Reconciling your bank account is the act of verifying the transactions within your Rentec Direct account to match those of your bank statement.  The reconciliation process will guide you through the simple steps to ensuring that your online ledger in Rentec matches your bank statement to the penny.

In your Rentec Direct account: 

  1. Click on Accounts.
  2. Click the balance of the account you wish to reconcile to enter the ledger. 
  3. Click Reconcile.
  4. Enter the statement date, the beginning balance, and the ending balance as printed on your bank statement.  These values are important for calculating any difference between your statement and what is stored in your Rentec ledger.  
  5. Click Begin.
  6. You are now within the Reconciliation screen. 
    On the left, you are presented with all debits to the account. On the right, you see all credits/deposits to the account as they were entered into Rentec. In the lower-right, you have the cleared balance (this starts at the value you entered for opening balance in step 4) and is adjusted as you check or un-check transactions.  The Statement Ending Balance is what you entered as the ending balance in step 2, and the difference value is the difference between these two balances.  The goal is to make the difference $0.00.
  7. There are two methods for proceeding: 
    1. QUICK METHOD: Click the Mark All button at the bottom of the screen.  This will select all credits and debits.

      If the difference value in the lower-right is $0.00, it is a high likelihood that your bank statement and online ledger match perfectly.  You can click Finished to complete the reconciliation. 

      If the difference value does not equal $0.00, it means there is a discrepancy.  First, look at the bottom of each list, and un-check any transactions that are within the Rentec ledger that happened after your bank statement was printed. Those transactions will get reconciled on the next statement. If the difference value now equals $0.00, click Finished.  If the difference value does not equal $0.00, switch to the long method described next.
    2. LONG METHOD: Review the debits on the left and credits on the right against your bank statement and mark the checkbox next to each matching item. Once completed, if the difference value equals $0.00, you can click Finished

      If the difference value does not equal $0.00, make note of any transactions on your statement that are not within your Rentec ledger and click Finish Later.  Enter into the appropriate ledger any missing transactions (typically these are property-related expenses which you'll want to post within Properties, or tenant income which posts on Tenants). You can now return to the reconciliation and mark the checkboxes next to the missing transactions.  When done, click Finished.
  8. In the last step, if the difference value equaled $0.00, this means your bank statement reconciled perfectly. When you press Finished, the reconcile screen will close and mark all associated transactions with an R next to them in the bank account ledger. If the difference value was not equal to $0.00, the software will automatically post an adjustment to the account for the difference. If you prefer the adjustment not be posted to the ledger, simply delete it afterward.

Reconciliation Reports

Rentec automatically archives every bank reconciliation report, so you can retrieve them if ever needed in the future. Follow these steps to locate reconciliation reports. 

In your Rentec Direct account: 

  1. Click Accounts.
  2. Right-click on the account and choose Notes/History. 
  3. Click on any of the reconciliation items to view or download that specific report.

How to Undo a Reconciliation

It is easy to reverse a reconciliation in the software. 

NoteThe Undo option is available for all reconciliations processed on or after December 14, 2021. If the reconciliation occurred before that date, use the instructions in the next section to undo individual transactions. 

In your Rentec Direct account: 

  1. Click Accounts.
  2. Right-click on the account and choose Notes/History
  3. Click the Undo option. 
    Undo reconciliation option
  4. Press Confirm Undo.

    confirm undo reconciliation

After a reconciliation has been reversed, Notes will automatically be updated to reflect that action. 

system note updated after undo reconciliation

How to Clear Past Transaction as Reconciled

Some clients have asked how to mark all transactions as reconciled without reviewing every historical bank statement. The process is simple. 

In your Rentec Direct account:  

  1. Enter the account ledger, and click the Reconcile button. 
  2. Enter today's date, and put 0.00 for beginning and ending balance, click Begin
  3. Select Mark All on the next screen.  
  4. De-select any transactions you do not want to be included, then click Finished. If an adjustment is automatically posted, you can optionally delete the adjustment value.
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