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.
#1 - ORIGINAL TRANSACTION
#2 - ADJUSTMENT TRANSACTION
Ledger Adjustment - Journal Entry Instructions (see picture #2 above)
In your Rentec Direct account:
- Click Accounts.
- Follow the steps to split expense transaction and then,
- Adjust the transaction with a negative amount for the previously used category.
- Click the Add a Line button and enter a positive entry for the correct category.
- 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
Income and Expense Report
