Ledger Adjustment Transactions / Journal Entry

If you find you need to adjust a transaction within Rentec, 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."  Because Rentec Direct is geared towards making your accounting tasks simple, we have instructions for how you can accomplish this adjustment.

In our sample scenario, a property manager purchased $100 in supplies for a property.  They posted the transaction and allocated it all to Repairs (#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 (#1), they didn't want to edit the original transaction so they created an adjustment transaction (#2).  To do this, they went to the Accounts tab and created a split expense transaction and adjusted the transaction with a negative amount for the previously used category and a positive entry for the correct category.  The net affect in this example is $0, however there is now a paper-trail, per-se.  In the 3rd and 4th screenshots below, you will see how these transaction look in the financial reports.


Ledger Adjustment Original Transaction
(If you prefer to just edit details, you can adjust within the original transaction and click "save changes.")

Ledger Adjustment Transaction

Property Account Ledger 
Property Account Ledger
Income & Expense Report  
Income and Expense Report
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