Posting An Income or Expense Transaction
Posting a transaction in the software is very easy. The important element is knowing where to post so that the information will flow to all the correct ledgers for you. The below will give details on how and where to post income and expenses (as well as other transaction types such as discounts and corrections).
Posting Transactions
In general, every ledger in the software has options to Post Income or Post Expense. You can find those options in every property, tenant, and account ledger:
- In every drop-down menu.
- Pressing the red or green dollar sign [$] under the ledger balance.
- Entering the ledger by clicking the balance and using the Post Income or Post Expense option.
For example:
Posting Income
If receiving rental income, the best place to post that transaction to ensure accounting accuracy is via the Tenants section.
Below is general information on posting income. A more detailed article with screenshots can be found here: Receiving a Payment
In your Rentec Direct account:
- Click on Tenants.
- Use one of the Post Income options above.
- Enter the details of the transaction.
Note: The transaction has built-in defaults such as the date, payment type, bank ledger associated with the property, the property, tenant, and rental income category designated in the settings. You are able at this point to modify any of those defaults as needed.
- Click the Post Income button to save.
System Note: Although the system allows you to post a tenant payment from a property ledger is does display this warning:
Post Expense
If posting an expense for a property, the best place to post that transaction to ensure accounting accuracy is via the Properties section.
In your Rentec Direct account:
- Click on Properties.
- Use one of the Post Expense options above.
- Enter the details of the transaction.
Note: The transaction has built-in defaults such as the date, payment type, bank ledger associated with the property designated in the settings. You are able at this point to modify any of those defaults as needed. - Click the Post Expense button to save.
Posting Other Transactions
There are other scenarios and circumstances where you will need to manually post transactions more complex. You can find more information on those more nuanced transactions here: