Accounting Default Settings | Preferences

Setting up your Accounting Defaults is one of the first steps to preparing your Rentec Direct account. In about 5 minutes, you can configure your accounting preferences that automatically apply to new tenants, helping ensure rent charges, late fees, invoices, payments, and financial reports are handled consistently as your portfolio grows.

Your Accounting Defaults establish the standard accounting rules used throughout your account. While these settings become the default for newly added tenants and transactions, you can always customize them for individual properties or tenants when needed.

Tip: During setup, you'll see references to automatic tenant email notifications. These notifications can be enabled when adding a tenant or moving a tenant into a property, helping automate routine communication. Learn more about enabling Automatic Email Notifications

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How to Set Up Accounting Defaults

Set up your Accounting Defaults in about 5 minutes.

In your Rentec Direct account: 

1. Click Settings
2. Under Financial, click Accounting Defaults
3. Choose your preferred options for:
   1. Financial Preferences
   2. Printing preferences
4. Click Save Changes

💡 Tip: Hover over the “?” icon next to a setting for additional information for the field while you're making your selections.

Accounting Defaults

Accounting Defaults establish the standard accounting rules used for new tenants, transactions, invoices, payments, and printed documents. These settings help keep your accounting consistent while reducing setup time as your portfolio grows.

Financial Preferences

Financial Preferences determine how accounting rules are applied throughout your account.

You can configure:

Core Accounting Rules

• Require transactions to include a bank account and account category (Strict Accounting)
• Display negative amounts using parentheses instead of a minus sign
• Highlight negative balances in red

Tip: We recommend enabling Strict Accounting. It helps prevent incomplete transactions and supports more accurate financial reporting. Learn more about Rentec Direct's Full Accounting Features

Rent & Late Fee Timing

Configure how rent charges and late fees are created for new tenants.

You can set:

• How many days before the due date rent charges are created

• When late fees begin after a tenant moves in

  When there are tenants with rent overdue based on this setting, they will be reflected on your Summary page:

  

  
  
• The default grace period before late fees are assessed
• Default principal late fee
• Default daily late fee
• Maximum monthly late fee

The defaults apply automatically to new tenants and can be changed individually when needed.

Invoice & Reserve Settings

Choose default settings for invoices and reserve balances.

Options include:

• Beginning invoice number
• Display reserve calculations on Property and Owner pages

Owner Contribution Settings (PM Accounts)

Property managers can configure how owner contributions are tracked.

Available options include:

• Recording owner contributions manually
• Tracking owner contributions during owner disbursements
• Allowing owners to submit contributions through the Owner Portal (requires a merchant account)

Default Accounting Categories

Default categories automatically assign accounting categories to common transactions.

If your accountant uses a different Chart of Accounts, you can create custom categories that better match your accounting practices.

Learn more about Setting up Categories (Chart of Accounts).

Printing Preferences

Printing Preferences control how checks, invoices, and receipts appear.

You can configure:

Check Printing

• Check format
• Print payee address
• Printer alignment adjustments

Invoice & Receipt Messages

Create default messages that automatically print on invoices and receipts.

These messages can include payment reminders, office information, or other details you'd like residents to see. Depending on your browser or by using copy / paste, you can select the language.

Tips & Best Practices

• Configure Accounting Defaults before adding tenants whenever possible.
• Defaults automatically apply to new tenants.
• Existing tenants can be updated individually if needed.
• Review your defaults periodically to ensure they match your lease terms and accounting procedures.

Frequently Asked Questions

Should I enable strict accounting?

We recommend using Strict Accounting. It requires a bank account and accounting category to be included in each transaction, helping to prevent incomplete entries and improving reporting accuracy. Learn more about Full Accounting with Rentec Direct.

Can I change my Accounting Defaults later?

Yes. You can update Accounting Defaults at any time. Changes apply to future transactions and new tenants. Existing tenant settings can be updated individually when needed.

Can I change the default accounting categories?

Yes. you can create custom accounting categories to match your company's existing Chart of Accounts.