Undeposited Funds & Bank Deposits

Rentec Direct has full support for managing your undeposited funds and giving you a flexible interface to deposit the transactions into your bank accounts. 

Understanding the Undeposited Funds Bank Ledger

Undeposited funds mean money that you have received (cash or checks) that have not yet been deposited into a bank account. When you click on the Accounts tab, you'll notice the first account listed in the system will be Undeposited Funds.

Note: The first one is created for you. You can create additional Undeposited Funds accounts if you have multiple bank accounts you deposit into.

Undeposited Funds Bank Ledger

Information on adding bank ledgers can be found here: Add Bank Accounts

Undeposited Funds Deposit Slips

Within every income transaction page, you will have the option to choose the undeposited bank ledger to post that income. However, to get the most out of the software, you will want to take a moment to verify settings and details so you can create deposit slips. 

In your Rentec Direct account: 

  1. Click the Accounts tab. 
  2. Click on the Edit Account option from the bank ledger menu. Note: For a deposit slip to be useful, verify that all the information asked for within the edit account screen is provided including full routing and account number. If you need help with these numbers, please contact your financial institution. 

Set the Default to Undeposited Funds for Income Transactions 

At this time you may wish to edit each of your properties and set their default account to an appropriate Undeposited Funds ledger. This will ensure as you receive funds they will record into the Undeposited Funds account instead of any other until you are ready to make a deposit. 

Note: If you choose to skip this step, you will want to select in the Account dropdown the Undeposited Funds account each time you receive funds.  

In your Rentec Direct account: 

  1. Click on the Properties tab.
  2. Right-click and choose Edit Property from the menu. 
  3. Change the Default Account to the appropriate Undeposited Funds ledger. 
  4. Click the Save Changes button. 

Assigning Undeposited Funds Ledger to a Property
Receiving an Income to Undeposited Funds

When receiving a tenant payment or income for a property, be sure the Account is selected as Undeposited Funds. If you followed the set up above for the properties to default to the Undeposited Funds ledger then this should already be selected for you. If not, Undeposited Funds can be found and selected manually in the dropdown Account menu.

Tenant Payment to Undeposited Funds

Making a Bank Deposit from Undeposited Funds

When you are ready to make a bank deposit, creating a bank deposit slip is easy within the software. 

In your Rentec Direct account: 

  1. Click on the Accounts tab.
  2. Click the balance of the Undeposited Funds account. 

    Making a bank deposit from undeposited funds
    Tip: In addition to the above instructions, the Summary tab will always inform you if there are current funds in the Undeposited Funds account with quick links to view balance details or make a deposit from there. 
  3. Click the Make Deposit button.
  4. Within the Make Deposit window, select the Account from the drop-down list for the bank you are depositing into and select all transactions you want to include in this deposit.

    Note: The items you choose will be added to the deposit slip. The system will automatically total them as you select. 
  5. Click the Post Deposit and Create Deposit Slip button. 

Selecting transactions to include in a bank deposit from undeposited funds
You will then be shown a summary of your deposit with two options. 

  • The Print Deposit Slip option prints a deposit slip and a brief summary of all transactions. This is useful for placing in your envelope that goes to the bank.

    Tip: Most banks accept a printed deposit slip; however, for them to be able to automatically scan your account number you will want to use magnetic toner in a laser printer. 
  • The Show Summary report option gives you a complete view of all transactions within the deposit for your own records. 

Bank Deposit Summary
View Past Deposits

At any time, you can review past deposits by visiting the Undeposited Funds account, and choose View Deposits.

Instructions for correcting any mistakes when making a deposit can be found here: Fixing Bank Deposits

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