Undeposited Funds & Bank Deposits (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

Rentec Direct has full support to manage your undeposited funds with a flexible interface allowing you to create a deposit slip and mirror the physical bank deposit within your software bank ledgers.  

Understanding the Undeposited Funds Bank Ledger

Undeposited funds mean money that you have received (cash, checks, money orders) 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 Ledger

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

Undeposited Funds Deposit Slip Settings

You can designate the Undeposited Funds ledger as the default income ledger on every property. In addition, 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 Accounts
  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 Properties.
  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.

Assigning Undeposited Funds Ledger on Income Transaction

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 Accounts.
  2. Click the balance of the Undeposited Funds account. 

    Accounts Undeposited Funds Balance to Start Deposit Slip

    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 ledger to deposit transactions that mirror the designated bank you will or have deposited the actual funds into. 
  5. 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. 
  6. Click the Post Deposit and Create Deposit Slip button. 

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. 

Deposit Slip Summary View, Edit, and Print

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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