Accounting Default Settings | Preferences

There are some settings that will apply to all or most tenants that could be tedious if added individually. Customizing your default accounting settings is an easy way to implement your custom settings, resulting in accurate, consistent accounting and reports. 

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Tip: While these settings are well defined, if you roll your cursor over the "?" in front of the preference, more details will be provided. 

How to Establish your Accounting Defaults

System Advice: By establishing your default settings prior to adding tenants, they will automatically be set for each tenant. If the settings are not established prior to adding the tenant and placing the tenant in a property, the settings will need to be manually entered individually, per tenant.

In your Rentec Direct account: 

1. Click Settings
2. Click Accounting Defaults under the Financial section
3. Indicate your preference for each setting 
4. Save Changes

A little more on Accounting Defaults:

• Default number of days early to create rent charge  - Refers to when rent and other charges show on the tenant's ledger

Late Fee options - Click here for more details Late Fees

• Default number of days after move in to begin calculating overdues - This setting is most useful for rental periods of less than one month (daily, weekly, bi-weekly) and only applies to the first rental period
• Default overdue grace period in days - How many days before late fee posts
• Default principal late fee - The amount charged the 1st day following the "Grace Period"
• Default daily late fee - The daily late fee after the initial charge
• Default maximum total monthly late fee - The maximum amount of late fees that can be applied
  
  

How Accounting Defaults Influence Owner Contributions and Accurate Record Keeping

Several default categories are provided for you. If you are operating a Rentec PM account for property managers, another setting you will want to consider setting is the Default Owner Contribution Category. There may be times when an owner needs to contribute funds for expenses, repairs, or even management fees for a property. You have the option of having funds transfer automatically from one property to another while processing an owner disbursement, manually documenting a contribution, or even allowing owners to make a contribution through their portal with an active merchant account.

System Advice: You will want to create an owner contribution category to utilize this option. Instructions for creating custom accounting categories can be found here: Setting up Categories

In your Rentec Direct account: 

1. Click Settings
2. Click Accounting Defaults under the Financial section
3. Scroll down to "Default owner contribution category"
4. Using the dropdown menu, select the category you created for owner contributions
5. Save Changes