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, expenses, and charges (as well as other transaction types such as discounts and corrections). 

Posting Transactions

In general, every ledger in the software has multiple options to Post Income, Post Charge or Post Expense. You can find those options in every property, tenant, and account ledger:

1. In every drop-down menu
   1. Pressing the Red Post Expense (for property and banking ledgers), Post Charge (for tenant ledgers)
   2. Pressing the Green Post Income applies to all ledgers
2. Pressing the Red Post Expense / Post Charge or Green Post Income in the Profile Card
3. Entering the ledger by clicking the balance and using the Post Expense /  Post Charge or Post Income option 

Post Income

In your Rentec Direct account: 

1. Click the desired ledger in Banking, Properties, or Tenant
   1. Income received as an owner contribution, would be posted directly to the property, resulting in the transaction showing on the property and bank ledgers
   2. Income received from a tenant, would be posted directly to the tenant's ledger, resulting in the transaction showing on the Tenant, Property, and Bank ledgers
2. Use one of the post income options above under "posting transactions"
3. 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 to modify any of those defaults as needed. 
4. You are able to split the income transaction between different income categories. More information can be found here: Entering Split Transactions
5. Click Post Income when finished.

System Note: Although the system allows you to post a tenant payment from a property ledger it will 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  Properties. 

In your Rentec Direct account: 

1. Click Properties 
2. Use one of the Post Expense options above under "posting transactions"
3. Enter the details of the transaction
4. Post Expense 

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. 

1. If this is a one-time expense leave the recurring box unchecked 
2. If this is a recurring transaction, check the recurring box option and then 
   - set the frequency of how often the expense should be posted to the ledger
   - set the begin date for the next and subsequent transactions
   - set an end date (optional)
3. If no end date is entered, the expense will continue posting until the recurring transaction is deleted
4. When entering past transactions, end dates must be within the past three months of the current date

Post Charge

Charges to Tenants should be posted directly to the Tenant ledger.

In your Rentec Direct account: 

1. Click Tenants
2. Click Post Charge using one of the options above under "posting transactions"
3. Enter the details of the transaction
   1. If you would like to include additional charges on the invoice, click the  "post and edit" option
4. Click Post Charge
   
   
   Note:  The transaction will only post to the Tenants ledger
   1. If this is a one-time expense leave the Recurring box unchecked. 
   2. If this is a recurring transaction, check the Recurring box option and then 
      - set the frequency of how often the expense should be posted to the ledger.
      - set the begin date for the next and subsequent transactions.
      - set an end date - set an end date. 
   3. If no end date is entered, the charge will continue to post as scheduled until:
      1. The recurring transaction is deleted or
      2. The Tenant is moved out.
   4. When entering past transactions, end dates must be within the past three months of the current date

   Tip:  To save time, you can enter multiple payments received by using the Batch Transaction Tool instead of the below instructions.