Add Banking Ledgers

The Rentec Direct property management software tracks transactions at the property and tenant levels and has the added benefit of tracking banking activity. These ledgers should mirror activity in your bank account.

Add Bank Account Ledgers 

The software allows you to track undeposited funds, checking and savings accounts, and credit card ledgers. The system starts with one Undeposited Funds ledger, and adding the other ledgers you might need is very simple.

In your Rentec Direct account:

1. Click on Banking
2. Click on +Add an Account
3. Account Information
   1. Using the dropdown, select the Account Type
      
      Pro Tip: If this bank will be used as a merchant account to allow online financial transactions, this will need to be a Business Checking account
   2. Reference # is the number the account will be linked to throughout your accounting ledgers
      1. If your accountant has a number assigned to the account, you can enter that here or
      2. Check the box to let the software Auto Number for you
   3. Account Name is what do you refer to this account as? Common references include Security Deposit or Operating Account. 
   4. Link an Unrecorded Funds Account, which provides the option to create an unrecorded funds account to track funds in a separate ledger until you have verified that the funds have been received and deposited or are ready to reconcile. 
      
      Click here for more information about how to use Unrecorded Funds
   5. Opening Balance is typically the amount within the account when you add it or the date before you enter any transactions associated with the account.
4. Institution Address
   1. When entering the address, be sure to use the address verify feature to select the correct address
5. Account Numbers
   1. Enter the Routing and Account number of the account
   2. Not all bank accounts have a Fraction #; it's often safe to leave this field blank
   3. If the routing number is different on the deposit slip, enter the Deposit Routing number here
6. Check Printing allows you to print checks from your Rentec Direct account and requires this section to be complete.
   1. Blank Stock must be checked if unformatted checks are being used. You will not want to check this box when using pre-formatted checks.
   2. Void Days allows you to select how long the check will be valid to be displayed on checks
   3. The Name and Address on Checks will need to be completed if Blank Stock is selected
      
      Learn more about Printing Checks from your Rentec Direct account
7. Online Payment Processing
   1. After bank account information has been added, there will be a link to apply for a merchant account allowing online transactions through that bank account
      
      Click here for more information about Online payments through your Rentec Direct software
8. Click on Add Account

System Advice: Few fields are required; however, it is recommended that you fill in all known fields for record-keeping purposes, use bank sync tools, and print deposit slips.

Note: Repeat this process for as many accounts as you wish to track

Edit Bank Accounts

System Advice: Only use the edit bank account option to correct information - do not use it to change bank accounts. If you are changing bank accounts, create a new bank account ledger in the system and then archive the previous bank ledger. 

In your Rentec Direct account: 

1. Click on Banking
2. Right-click on an account and select Edit Account
3. Make required changes
4. Save Changes 

Archive Bank Accounts

There may be times when the bank If the bank being used changes and you would like to archive the account or remove it from the list of accounts showing in your Rentec Direct account. Historical transactions will remain on the archived account and able to be viewed.

In your Rentec Direct account:

1. Click on Banking
2. Right-click on the account to be archived and select Archive Account
   
   System Note: A warning will indicate if there are any recurring transactions, properties, and/or owners associated with the bank account. 
3. If there are any recurring transactions, properties, and/or owners associated with the bank account:
   1. If the account is being replaced with another
      1. Use the dropdown to Choose a new account to quickly update all instances the bank account is indicated with the new account.
4. Click on Archive Account

Accessing and Viewing archived bank account

Historical transactions on bank accounts are preserved and can easily be accessed.

In your Rentec Direct account:

1. Click on Banking
2. Click on Bank Archives

Assign Default Income and Expense Accounts to a Property

Setting Default Income and Expense Accounts to properties automates transaction documentation, saving time and ensuring accurate accounting. Assign the income and expense accounts when you Add Properties. 

If properties were added before creating banking ledgers, updating the property settings is easy using the steps below.  

System Note: When updating multi-unit properties, edit the Primary property to quickly update the Primary property and subunits at the same time.

In your Rentec Direct account: 

1. Click on Properties
2. Right-click on the property and choose Edit Property from the menu
3. In the Financial section:
   1. Use the dropdown to select which Income Account all credits posted to the property should default to
   2. Use the dropdown to select which Expense Account all expenses posted to the property should default to
      
      

4. Click on  Update Property