Ledger Adjustment Transactions / Journal Entry (Legacy)

This help article contains instructions for the Legacy Version of Rentec Direct. More information about the latest version of Rentec Direct can be found here: The Remodel | Rentec Direct’s Newest Software Update

Rentec Direct is geared towards making your accounting tasks simple. If you find you need to adjust a transaction within the software, you can easily edit a transaction and correct any details and simply save your changes. 
But what if you want to have a 'paper trail' for that adjustment, in the event you have already reconciled your accounting period?  In the accounting world, the term used for this type of adjustment would be called a 'journal entry'. 
In our sample scenario, a property manager purchased $100 in supplies for a property. They posted the transaction and allocated it all to Repairs (Picture #1). In the next month, they realize that they made a mistake - some of the expense should have been allocated to painting instead. 
Because they had reconciled the previous transaction (Picture #1), they didn't want to edit the original transaction so they created an adjustment transaction (Picture #2). 
See the instructions below picture #2 to create your own journal entry ledger adjustment. 


Ledger Adjustment Original Transaction


Journal Adjustment Transaction (journal entry)

Ledger Adjustment - Journal Entry Instructions (see picture #2 above)

In your Rentec Direct account:

  1. Click Accounts
  2. Follow the steps to split expense transaction and then,  
  3. Adjust the transaction with a negative amount for the previously used category.
  4. Click the Add a Line button and enter a positive entry for the correct category.
  5. Click the Post Expense button to save

The net effect in this example is $0, however, there is now a paper trail, per se.  Below you will see how these transactions look in the financial reports. 

Property Account Ledger Report

Property Account Ledger Report after journal adjustment

Income and Expense Report

Income and Expense report after journal entry

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