Ledger Adjustment Transactions / Journal Entry

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 #2), 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

Ledger Adjustment Transaction

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

In your Rentec Direct account:

  1. Click the Accounts tab. 
  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.  In the 3rd and 4th screenshots below, you will see how these transactions look in the financial reports. 

#3 - Property Account Ledger Report

Property Account Ledger Report

#4 - Income and Expense Report

Income and Expense Report
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