Add Banking Ledgers

The Rentec Direct property management software tracks transactions at both the property and tenant levels, and it also has the added benefit of tracking banking activity. These ledgers should accurately reflect the 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, and adding the other ledgers you might need is very simple.

In your Rentec Direct account:

1. Click on Banking
2. Click on +Add an Account
3. Under Account Information

   1. 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. Enter a Reference # that 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. Enter an Account Name that you refer to this account as, such as Operating Account or  Security Deposits

   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 ease of reconciliation.

      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 Institution Address
   1. Enter Bank Name and Address using the address verify feature to select the correct address
5. Under Account Numbers, enter the:
   1. Routing and Account number of the account
   2. Fraction #; it's often safe to leave this field blank
   3. Enter the Deposit Routing number if the account has a separate Deposit Routing number
6. Under Check Printing, complete this section if you will be printing checks from your Rentec Direct software from this account. Learn more about Printing Checks from your Rentec Direct account

   1. Blank Stock must be checked if unformatted checks are being used. You should not check this box when using pre-formatted checks.

      Tip: Using Blank Stock requires a laser printer with bank-approved magnetic toner

   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.
7. 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

      Learn more about Online payments

8. Click on Add Account

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.

Edit Bank Accounts

Easily edit Bank Account information in your Rentec Direct software using the steps below.

Important Note: Use the edit bank account option only to correct information; do not use it to change 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 on Banking
2. Right-click on an account and select Edit Account
3. Make required changes
4. Save Changes 

Archive Bank Accounts

There may be times when 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 will be able to be viewed.

In your Rentec Direct account:

1. Click on Banking
2. Right-click on the account to be archived and select Archive Account.
3. A warning will be displayed if there are any recurring transactions, properties, or owners associated with the bank account. If the account is being replaced with another account:

   1. Choose the new account to quickly update all instances where the bank account is indicated with the new account

      

      
      
4. Click on Archive Account

Accessing and Viewing an Archived Bank Account

Historical transactions on bank accounts are preserved and can easily be accessed.

In your Rentec Direct account:

1. Click on Banking
2. Click on Bank Archives

Assign Default Income and Expense Accounts to a Property

Setting Default Income and Expense Accounts to properties automates transaction documentation, saving time and ensuring accurate accounting. Assign the income and expense accounts when you Add Properties. 

If properties were added before creating banking ledgers, updating the property settings is easy using the steps below.  

System Note: When updating multi-unit properties, edit the Primary property to quickly update the Primary property and subunits at the same time.

In your Rentec Direct account: 

1. Click on Properties
2. Right-click on the property and choose Edit Property from the menu
3. In the Financial section:
   1. Use the dropdown to select which Income Account all credits posted to the property should default to
   2. Use the dropdown to select which Expense Account all expenses posted to the property should default to
      
      

4. Click on  Update Property