Posting an Income, Charge, or Expense Transaction

Posting transactions in Rentec Direct 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.

This article reviews:

• Posting Income
• Posting Expenses
• Posting Charges
• Frequently Asked Questions

Other articles you may find helpful are: Entering Split Transactions and Batch Transactions

Posting Transactions

Each tenant, property, and account ledger offer three ways to access the Post Charge, Post Income, or Post Expense link making Rentec Direct easy to use with any device.

• In each Profile Card - (illustrated below on the right)
• Directly to the ledger - Click on the balance to enter the ledger  
• In every menu - Either right-click on the subject line or click on the three dots to access the menu

Posting Income

Depending on the device your using or your preference, you can access the ledgers whichever way works best for you. This example is using the option to click on the balance to enter the ledger.

In your Rentec Direct account: 

1. Click on Tenants, Properties, or Banking
2. Click on the balance to enter the ledger
3. Click on Post Income

4. Enter the transaction details

   Pro Tip: Income posted to Tenants and Banks will have the option to split the transaction between different income categories. This can be helpful when tenants pay rent and deposit or fees combined or entering payments from Section 8 housing to be split among multiple tenants and properties.

5. Click on Post Income 

System Note: Although the system allows you to post a tenant payment from a property ledger, it will display this warning:

Posting Expenses

Expenses can be posted directly to the property or bank account. Expenses posted to a property will automatically reflect on the property and bank account linked to the property. Depending on the device your using or your preference, you can access the ledgers whichever way works best for you. This example is using the option to click on the balance to enter the ledger.

In your Rentec Direct account: 

1. Click on Properties or Banking
2. Click on the balance to enter the ledger
3. Click on Post Expense

4. Enter the details of the transaction

   Pro Tip: If the expense being posted to a property is to be charged to a tenant, use the Charge Tenant dropdown to select the tenant and have the charge added to the tenant ledger.

5.  Recurring
   1. If this is an expense that will be recurring, check the Recurring Box
      1. Set the Frequency of how often the expense should be posted to the ledger
      2. Set the Begin Date for the next and subsequent transactions
      3. Setting an End Date is optional. If no end date is entered, the expense will continue posting until the recurring transaction is deleted or the tenant moved out
6. Depreciate
   1. If this expense is depreciable, check the Depreciate Box
      1. Using the dropdown, select the Frequency
      2. Enter the Begin and End dates
7. Click on Post Expense

Learn more about Recurring Transactions

Posting Charges

The Post Charge option applies to charges only to a Tenant and should be posted directly to the Tenant's ledger. Depending on the device your using or your preference, you can access the ledgers whichever way works best for you. This example is using the option to click on the balance to enter the ledger.

In your Rentec Direct account: 

1. Click on Tenants
2. Click on Post Charge using the menu or card as indicated above

3. Enter the details of the transaction

   System Note: If you would like to include additional charges on the invoice, click the "post and edit" option

4. Recurring
   1. If this is a one-time charge, leave the Recurring Box unchecked
   2. If this is a charge that will be recurring, such as rent, utilities, or pet fees, check the Recurring Box 
      1. Set the Frequency of how often the charge should be posted to the ledger
      2. Set the Begin Date for the next and subsequent transactions
      3. Setting an End Date is optional and not recommended for recurring transactions tied to a lease end date. The charge will continue posting until the Recurring Transaction is deleted or the Tenant is "Moved out".
5. Click on Post Charge

Frequently Asked Questions

Q) Can the Memo, Category, or check # be reflected in accounting reports?

A) Yes. If you would like to have transaction details displayed in accounting reports, just set the Reporting Preferences in advanced Program Default Settings | Preferences.

Q) How many characters can be entered in the check and reference fields?

A) Each field can hold up to 45 characters

Q) What are linked ledgers?

A) A good example of linked ledgers is in each Property profile. You can select the default income and expense bank account so all transactions will post to the property ledger and automatically post to the Linked bank account ledger.

Q) Which ledgers are linked?

• Income posted to a tenant ledger will also reflect on the property their moved into and the linked bank account ledger
• Income and expenses posted to a property, will reflect on the property and linked bank ledger
• Income posted to a bank ledger, will only reflect on the bank ledger

Q) Where should charges be posted?

A) Charges only apply to tenants for Rent, additional fees, late fees etc so should only be posted to tenant ledgers

Q) Where should Expenses be posted?

A) Most Expenses are related to a Property and should be posted to the Property Ledger

• Expenses that may need to be posted to the Bank Account include:
  • Bank fees
  • Owner Disbursements
  • Interest paid out

Q) Where should Income be posted?

A) Most Income transaction will be posted to the Tenant Ledger for Rent and Fee payments received

• Exceptions
  • Owner Contributions are an exception that would be posted to a property, which would automatically reflect on the bank account
  • Application fees can be set to apply to an account only
  • Batch entry transactions such as Housing assistance payments for multiple tenants should be posted to the bank account then split to include the tenant and property