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 benefits of tracking banking activity. 

How to Add Bank Account Ledgers 

The software allows you to track undeposited funds, checking and savings accounts, as well as credit card ledgers. The system starts with one Undeposited Funds ledger. From there, it is very simple to add the other ledgers that you might need.

1. Click Banking. 
2. Click Add an Account.

   

3. Enter the appropriate information to fill out the form, including the type of account from the drop-down menu and the account name.
   System Advice:  Few fields are actually required; however, it is recommended to fill in all known fields for record-keeping purposes, using bank sync tools, and printing deposit slips. 
4. Click Add Account when finished. 

Repeat this same process for as many accounts as you wish to track. After the bank account has been added, you have the ability to adjust the starting balance.  

Instructions to adjust the starting balance can be found here: Bank Account Starting Balance

At any time in the future, you can add more accounts by following the instructions above.

Edit a Bank Account

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. Click Save Changes when finished. 

Assign Default Income and Expense Accounts to a Property

After you have created 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 that are 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 that you want to assign as the income account for the property.  
   2. Use the Expense Account drop-down option and select the bank account that you want to assign as the expense account for the property.

4. Click Update Property when finished.