Step 2 - Add Bank Account Ledgers

Rentec Direct makes it easy to keep your finances organized and in sync.

Every account starts with an Undeposited Funds ledger already set up for you. From there, you can quickly add ledgers for checking accounts, savings accounts, and credit cards as needed.

Once your bank account is added and linked to properties, transactions entered will automatically reflect on linked ledgers, ensuring your software records match your real bank activity, making your monthly reconciliation a breeze:

• Transactions entered on the tenant ledger will automatically reflect on the property and the linked bank account
• Transactions entered on the property will automatically reflect on the bank ledger

Add Bank Account Ledgers 

The software allows you to track undeposited funds, checking and savings accounts, and credit card ledgers. The system starts with one Undeposited Funds ledger, and adding the other ledgers you might need is very simple.

Tip: As you enter information, hover over the "?" tooltip for more helpful details.

In your Rentec Direct account:

1. Click Banking
2. Click on +Add Account
3. Under Account Information
   1. Enter an Account Name that you refer to this account as, such as Operating Account or  Security Deposits

   2. Select the Account Type

      Pro Tip: If this bank will be used as a merchant account to allow online financial transactions, this will need to be a Business Checking account

   3. Enter a Reference number for the account that will be used throughout the software and in reports:
      1. If your accountant has a number assigned to the account, you can enter that here or
      2. Check the box to let the software auto-number for you

   4. Link an Unrecorded Funds Account. An Unrecorded Funds Account is optional but highly recommended if the account will be used as a merchant account for online transactions, or if you receive physical payments (such as checks or money orders), for accurate accounting and easier reconciliation.

      Click here to learn more about Unrecorded Funds

   5. Enter the Opening Balance for the bank account, which is typically the amount within the account when you add it or the date before you enter any transactions associated with the account.
4. Under Account Numbers, enter the:
   1. Routing and Account numbers. These are required if you are using online payment services, the deposit feature, or the check printing feature.
   2. Enter the Deposit Routing number if the account has a separate Deposit Routing number

   3. Fraction #; it's often safe to leave this field blank

      Software tip: There is a 35-character limit for Account and Fraction numbers.

5. Online Payment Processing

   1. After bank account information has been added, there will be a link to apply for a merchant account, to allow online transactions through that bank account

      Click here to learn more about Online payments

6. Click on Add Account

7. Check printing settings are available when printing a check.

   Click here to learn more about Printing Checks in Rentec Direct

8. Repeat this process for as many accounts as you wish to track

System Advice: Although only a few fields are required, it is recommended that you fill in all known fields for record-keeping purposes, utilize bank sync tools, and print deposit slips.

4. Click on  Update Property