Posting an Income or Expense Transaction
Posting a transaction in the software is very easy. The important element is knowing where to post so that the information will flow to all the correct ledgers for you. The below will give details on how and where to post income and expenses (as well as other transaction types such as discounts and corrections).
Posting Transactions
In general, every ledger in the software has multiple options to Post Income or Post Expense. You can find those options in every property, tenant, and account ledger:
- In every drop-down menu.
- Pressing the Red Post Expense or Green Post Income in the Profile Card.
- Entering the ledger by clicking the balance and using the Post Income or Post Expense option.
Posting Income
If receiving rental income, the best place to post that transaction to ensure accounting accuracy is via the Tenants section.
Tip: To save time, you can enter multiple payments received by using the Batch Transaction Tool instead of the below instructions. More information can be found here: Batch Income & Expense Transaction Tool
In your Rentec Direct account:
- Click Tenants.
- Use one of the Post Income options above.
- Enter the details of the transaction.
Note: The transaction has built-in defaults such as the date, payment type, bank ledger associated with the property, the property, tenant, and rental income category designated in the settings. You are able at this point to modify any of those defaults as needed. - You are able to split the income transaction between different income categories. More information can be found here: Entering Split Transactions
- Click Post Income when finished.
System Note: Although the system allows you to post a tenant payment from a property ledger is does display this warning:
Post Expense
If posting an expense for a property, the best place to post that transaction to ensure accounting accuracy is via Properties.
Pro Tip: To save time, you can enter multiple expenses paid out by using the Batch Transaction Tool instead of the below instructions. More information can be found here: Batch Income & Expense Transaction Tool
In your Rentec Direct account:
- Click Properties.
- Use one of the Post Expense options above.
- Enter the details of the transaction.
Note: The transaction has built-in defaults such as the date, payment type, bank ledger associated with the property designated in the settings. You are able at this point to modify any of those defaults as needed.
- If this is a one-time expense leave the Recurring box unchecked.
- If this is a recurring transaction, check the Recurring box option and then
- set the frequency of how often the expense should be posted to the ledger.
- set the begin date for the next and subsequent transactions.
- set an end date.
Note: if no end date is entered, the expense will post indefinitely unless deleted from the Recurring Transaction tool. More information on recurring transactions can be found here: Recurring Transactions
- Click Post Expense when finished.
Posting Other Transactions
There are other scenarios and circumstances where you will need to manually post transactions more complex. You can find more information on those more nuanced transactions here: