Bank Account Reconciliation

Rentec Direct property management software provides all the tools needed to accurately reconcile your Rentec Direct account with your bank account statement.

Pro Tip: Entering outstanding journal entries before reconciling helps to ensure your account balances.

This article reviews:

• Reconciling your Rentec Direct account to your bank statement
• How to Save and Finish Later
• How to Start Over Your Reconciliation
• How to clear past transactions as "reconciled"

Learn more about Rentec Direct's Full Accounting Options: Assets, Liabilities, and Equity with a True Balance Sheet

Bank Account Reconciliation 

The following steps will guide you through verifying that your Rentec Direct account ledgers match your bank account transactions.

In your Rentec Direct account: 

1. Click on Banking 

2. Right-click on a bank account and choose Reconcile 

   Tip: There is also a Reconcile button at the top of each bank ledger page 

3. Enter the Statement End Date, the Opening Balance, and the Ending Balance as printed on your bank statement. 
4. Click on Begin which will take you to the Reconciliation screen
5. Unreconciled transactions processed near and up to the Statement End Date indicated will automatically be displayed. 
   1. To change the date range of transactions, click on Statement End Date then enter a Custom date range or select Include all Dates to select all unreconciled transactions

6. Unreconciled Debits & Withdrawals will be on the left and unreconciled Credits & Deposits on the right.

   Pro Tips:

   * Easily scroll through each list independently

   * Click on the Maximize Ledgers button under Bank Reconcile to extend the list of transactions

   
   
7. At the top, you will see:
   1. The Cleared Balance which is the value you entered for Opening Balance in step 3 and adjusts as you check or un-check transactions.
   2. The Statement Balance is what you entered as the Ending Balance in step 3
   3. The Difference value is the difference between these two balances. The goal is to make the difference $0.00 indicating that your bank statement and online ledger match.
8. There are two methods for proceeding: 
   1. Quick Method: Click the box at the top of each list to the left of Date to mark all transactions.
   2. Long Method: Review the debits on the left and credits on the right against your bank statement and mark the checkbox next to each matching item.
   3. If the Difference value at the top is $0.00, it is a high likelihood that your bank statement and online ledger match perfectly.  You can click on Finish to complete the reconciliation, which will mark all associated transactions with an R in the bank account ledger and the reconciliation screen will close. 
   4. If the Difference value does not equal $0.00, it means there is a discrepancy. 
      1. First, look at the bottom of each list, and un-check any transactions that are within the Rentec ledger that happened after your bank statement was printed. Those transactions will get reconciled on the next statement. If the difference value now equals $0.00, click on Finish. 
   5. If the Difference value does not equal $0.00
      1. Search for matching transactions using the search filter
      2. Make note of any transactions on your statement that are not within your Rentec ledger and click  Finish Later
      3. Enter into the appropriate ledger any missing transactions (typically these are property-related expenses which you'll want to post within Properties, or tenant income which posts on Tenants)
      4. You can now return to the reconciliation and mark the checkboxes next to the missing transactions. When done, click on Finish.

System Notes:

• If the difference value was not equal to $0.00, the software will automatically post an adjustment to the account for the difference. If you prefer the adjustment not to be posted to the ledger, simply delete it afterward.
• If your account appears to be correct, but still doesn't balance review the convenience fees reflected on your bank statement that are not indicated in your Rentec Direct account.
• Learn more about how to Undo Bank Account Reconciliation

Save and Finish Later

There may be times when you begin reconciling and other tasks pull you away. Use the following steps to easily save where you are and finish reconciling at a later time.

To save where you are:

While in your bank reconciliation screen, using the previous steps, click on Finish Later

To resume reconciling:

In your Rentec Direct account:

1. Click on Banking
2. Right click on the bank and select Reconcile
3. Click on Resume

Start Over Your Reconciliation

If you return to a reconciliation and are unsure about marked transactions or why certain transactions were included, it's easy to start over. The following steps will guide you through how to start over from a partial reconciliation.

In your Rentec Direct account:

1. Click on Banking
2. Right click on the bank and select Reconcile
3. Click on Resume
4. Click on Start Over

How to Clear Past Transaction as Reconciled

Some clients have asked how to mark all transactions as reconciled without reviewing every historical bank statement. To accomplish this, follow the simple instructions below.    

In your Rentec Direct account:  

1. Click on Banking 
2. Right-click the bank account and choose Reconcile 
3. Enter Today's date, and put 0.00 for beginning and ending balance, click on Begin
4. Check the box at the top of Debits & Withdrawals and Credits & Deposits to select all transactions 
5. De-select any transactions you do not want to be included, then click on Finish. If an adjustment is automatically posted, you can then optionally delete the adjustment value if you wish.