Add Bank Accounts

Training Video

How to Add Bank Account Ledgers 

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

1. Click on the Accounts tab.
2. Click the Add an Account button.
   
   
3. Enter the appropriate information to fill out the form, including the type of account from the drop-down menu and the account name.
   System Advice:  Few fields are actually required; however, it is recommended to fill in all known fields for record-keeping purposes, using bank sync tools, and printing deposit slips. 
4. Click the Add Account button when finished. 

Instructions to adjust the starting balance can be found here:  Bank Account Starting Balance

At any time in the future, you can add more accounts by following the instructions above.

Edit a Bank Account

System Advice: Only use the edit bank account option to correct information not to use for changing 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 the Accounts tab.
2. Right-click on a bank account and select Edit Account.
3. Click the Save Changes button when finished. 

Assign Default Income and Expense Accounts to a Property

After you have created bank ledgers within the system, you will want to assign a default income and expense account to each property. That information allows transactions that are entered on a property or tenant to post automatically on the appropriate bank ledger for you. 

In your Rentec Direct account: 

1. Click on the Properties tab.
2. Right-click on the property and choose Edit Property from the menu.
   
3. In the Income Account  drop-down option  on the edit screen, select the bank account that you want to assign as the income account for the properties.  
4. In the Expense Account  drop-down option  on the edit screen, select the bank account that you want to assign as the expense account for the properties.

   

5. Click the Save Changes button when finished.