Returned Check, NSF, Failed Payment

If the tenant made an online payment via ACH

Online payments made over the ACH network through Rentec Direct will automatically update the tenant's ledger if they are returned for any reason, including NSF.  The default setting will post a debit entry to offset the ACH payment on the date we receive notification of a failure.

Note:  If you setup your merchant account prior to June, 2020 your returned ACH setting will be set on a legacy mode which will zero out the original payment instead of posting a debit entry to offset it.  To change this behavior, visit Settings, Program Defaults, Advanced Settings, and change the setting labelled "Set returned tenant ACH transactions to zero?" to No.

If the tenant paid by paper check.

To document an NSF transaction, follow these steps:

  1. Open the ledger where the payment was made
  2. Locate the transaction that failed
  3. Make note of the transaction date & check number
  4. While in the ledger, select $ Post Payment

  5. Enter in a NEGATIVE payment amount that reflects the original payment and use the original check number.

  6. Add in a description of "NSF (payment date)" or another description such as "Payment Failed (payment date)".

  7. Select the Bank Account that these funds were deposited into, if applicable.

  8. Post transaction

NSF returned check

**You may also want to post additional ledger entries for late fees and/or  NSF fees at this time. If you have automatic management fees setup on the property, you will also want to remove the management fee from the property ledger after posting this transaction.

Did this answer your question? Thanks for the feedback There was a problem submitting your feedback. Please try again later.