Add Banking Ledgers

The Rentec Direct property management software not only keeps track of transactions at a property and tenant level but also has the added benefit of tracking banking activity. These ledgers should mirror activity in your bank account.

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. From there, adding the other ledgers you might need is very simple.

In your Rentec Direct account:

1. Click Banking
2. Click +Add an Account
3. Account Information
   1. Using the dropdown, 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
   2. Reference # This is the number the account will be linked to throughout your accounting ledgers
      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
   3. Account Name What you refer to this account as, common references include Security Deposit or Operating Account
   4. Link an Unrecorded Funds Account This option will create an unrecorded funds account that allows you to track funds in a separate ledger until you have verified the funds, received the deposit, or are ready to reconcile. Unrecorded Funds accounts are commonly used with bank accounts that are used for online payments, where funds are deposited into your account in batches.
      
      Click here for more information about how to use Unrecorded Funds
4. Institution Address
   1. When entering the address, be sure to use the address verify feature to select the correct address
5. Account Numbers
   1. Enter the Routing and Account number of the account
   2. Not all bank accounts have a Fraction #, it's often safe to leave this field blank
   3. If the routing number is different on the deposit slip, enter the Deposit Routing number here
6. Check Printing allows you to print checks from your Rentec Direct account and requires this section to be complete.
   1. Blank Stock must be checked if unformatted checks are being used. When using pre-formatted checks, you will not want to check this box.
   2. Void Days allows you to select how long the check will be valid to be displayed on checks
   3. The Name and Address on Checks will need to be completed if Blank Stock is selected
      
      Click here for more information on Printing Checks from your Rentec Direct account
7. Online Payment Processing
   1. After bank account information has been added, there will be a link to apply for a merchant account allowing online transactions through that bank account
      
      Click here for more information about Online payments through your Rentec Direct software
8. Click on Add Account

System Advice: Few fields are required; however, it is recommended to fill in all known fields for record-keeping purposes, using bank sync tools, and printing deposit slips.

• Repeat this process for as many accounts as you wish to track

• After the bank account has been added, you have the ability to adjust the Bank Account Starting Balance

Edit Bank Accounts

System Advice: Only use the edit bank account option to correct information - do not use for changing bank accounts. If you are changing bank accounts, create a new bank account ledger in the system and then archive the previous bank ledger. 

In your Rentec Direct account: 

1. Click Accounts
2. Right-click on a bank account and select Edit Account
3. Make required changes
4. Save Changes 

Archive Bank Accounts

There may be times when the bank If the bank being used changes and you would like to archive the account or remove it from the list of accounts showing in your Rentec 
Direct account. Historical transactions will remain on the archived account and able to be viewed.

In your Rentec Direct account:

1. Click Banking
2. Right-click on the account to be archived and select Archive Account
   

Accessing and Viewing archived bank account

To view archived bank accounts and their affiliated transactions 

In your Rentec Direct account:

1. Click on Banking
2. Click on Archives

Assign Default Income and Expense Accounts to a Property

After creating bank ledgers within the system, you will use those to assign a default income and expense account to each property when you create your properties. That information allows transactions entered on a property or tenant to post automatically on the appropriate bank ledger for you. 

If you inadvertently created your properties before creating your banking ledgers, it's easy to go back in and assign these ledgers using the steps below.  

In your Rentec Direct account: 

1. Click Properties.
2. Right-click on the property and choose Edit Property from the menu
3. In the Financial section:
   1. Use the Income Account drop-down option and select the bank account you want to assign as the income account for the property.  
   2. Use the Expense Account drop-down option and select the bank account you want to assign as the expense account for the property.

4. Click Update Property when finished.