Understanding Property Related Transactions (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
Property-related transactions are designed to give you a snapshot of the current financial status of a property.
- The income from the tenant payments flows to the property and displays on the credit column.
- Expenses are entered on the property and display in the debit column to offset income received.
This creates a daily property balance.
Property related transactions are income that can either flow directly from the tenant's ledger such as rent payments received, or be entered specifically from the Property section on a specific property. Below explains those property-related transactions.
One of the main transaction types for a property is the income it receives from a tenant payment. Those payments are entered in the Tenant section and flow automatically to the Property.
More information on tenant transactions that can be found here: Understanding Tenant Related Transactions
For all other property-related transactions such as other income, expenses, and refunds you will enter them from the Property section directly and are explained below.
Other Property Income
There may be times when income is received that is not related to a tenant. Those can be items such as rental application fees, building laundry coin collection, etc.
That income can be entered directly to a property ledger using the Post Income option on that ledger which will flow to the appropriate bank (and owner) ledger.
Note: You are also welcome to post an income directly to a bank ledger if you wish to not have it accounted for at a property level.
If the property is set up correctly, expense transactions will flow and post in the debit column of the bank ledger associated with that property (and to the owner ledger for PM clients).
Property expenses are those items that relate to a property such as landscaping and repairs. It is recommended that for most circumstances enter all property-related expenses from the Property section.
Credit and Refunds
A refund or credit such as an insurance claim reimbursement or appliance rebate can be entered directly to the property.
System Note: Use the Post Expense option, choose the appropriate expense category receiving the credit, and enter a negative dollar amount. This will display in the credit column while simultaneously correct the expense category to show funds received.
PM Clients | Management and Other Fees
If you are a PM client and manage owner portfolios, you are able to set up automatic management and placement fees that will charge against the property income.
Additionally, you can reimburse yourself for other fees such as tenant screening and collect application and late fees and mark-up vendor expenses by posting an expense on the property.
More information can be found here: