Manual Bank Synchronization (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

While we support the vast majority of banks in the US for bank synchronization, some smaller banks do not participate. If your bank is not supported and/or you are having trouble connecting or logging in, or if your bank is not returning any data, you may be able to manually sync with your bank using these instructions. Note: Although there are a few additional steps, the results are identical with the automatic synchronization.

How to Manually Synchronize Bank Statement Data

In your Rentec Direct account:

Click on the Accounts tab.
In an alternate browser window or tab (CTRL-T opens a new tab in most browsers), login to your bank's website and find where they allow you to download a QFX or OFX file (either will work). Sometimes they may call this a "Quicken" file.

If you cannot find this within their online services, either contact your bank and ask how to download a QFX file or search their help files to determine how. Once you locate the area to download a QFX file, download it to your computer.

Tip: In your browser search bar search for download instructions. For example search for 'How do I download a QFX file at XYZ bank'.
Return to your Rentec Direct window or tab. Right-click on your bank account and choose Sync w/ Bank option from the menu.
Click the Choose File button and select the QFX file you downloaded from your bank in step 2 above.
Then click the Upload Data button.

matching transactions for bank sync

Matching Transactions

Once you have completed the connection steps above, you will be presented with the list of transactions downloaded from your bank within the left column. These transactions will consist of:

Transaction date
Transaction description
Transaction amount
Transaction memo (not always available)

On the right side of the screen, you will have options on what to do with these transactions. Your options are to match a transaction, enter a new transaction, or delete.

To Match a Transaction from a Bank Sync Data

Rentec Direct software system will review all non-reconciled transactions within your ledger for a possible match with the imported bank file. If there is more than one match in the system, the most probable matches are displayed first followed by the lease probable. To match this downloaded entry to an existing ledger item, simply select the ledger item and click the Match button.

To Create a New Transaction from the Bank Sync Data

If the Rentec Direct software is unable to match the downloaded transaction to an existing ledger entry you will only have the option to create a new transaction. You can also use this option if none of the entries the system matched are correct.

In your Rentec Direct account:

Click the New Entry line to bring up the form.
Enter in the Payee and Category, and optionally the Property, Tenant, and Memo.
Click the Submit button to save the transaction.

Tip : If you prefer to manually enter a transaction outside of this system and then match it, without leaving this screen, right-click on the Properties or Accounts menu and choose "Open link in new tab". From there you can enter a transaction normally, being sure the amount is identical to the downloaded transaction and the date is near the downloaded transaction date. After you save your new transaction, go back to the original Accounts tab open. Click the Refresh button (typically looks like a circle made with two arrows) in your browser, and the system will re-match all applicable transactions giving you the Match option.

To Delete a Transaction from the Bank Sync Import Data

You are able to remove a downloaded transaction all-together without adding or matching to a ledger entry.

In your Rentec Direct account:

Click the small grey X icon to the right of the amount.
You will receive confirmation that reads:

CAUTION: Deleting a transaction may cause your bank account to not reconcile and upon acceptance, this downloaded transaction will be permanently removed.
Click Agree to delete the transaction (or click Cancel to leave this page without changes).

Tip: When done matching transactions, exit this area by clicking any of the tabs. If you need to pause and come back later, you can do so any time as your data will all be saved automatically. To return where you left off, right-click on the account and choose Sync w/ Bank again. You will be notified that you still have X number of unmatched transactions. Simply click that link to resume where you left off.

TESTING

If you prefer to test this operation without affecting live transactions in your operating account(s), that is easy to do. Just set up a new test bank account in the system, and perform the above steps on the test account.

When done testing, you can remove the test account and then perform the same operations on your live accounts.

Note: When you create a test account, it will have no transactions in it, so unless you enter some sample debits and credits into it which would match the download you will have no matched transactions on the test account.

VIDEO DEMONSTRATION

We also have a video demonstration on how to use this feature at the Rentec Property Management Software Blog.