Bank Account Reconciliation

Reconciling your bank account is the act of verifying the transactions within your Rentec Direct account to match those of your bank statement.  

Bank Reconciliation 

The reconciliation process will guide you through the simple steps to ensuring that your online ledger in Rentec matches your bank statement to the penny.

In your Rentec Direct account: 

  1. Click Banking from the main menu.
  2. Right-click a bank account and choose Reconcile from the menu. 

    : If you are already in a bank ledger there is no need to exit for this option as you'll find a convenient Reconcile button at the top of that ledger page. 
  3. Enter the Statement Date, the Beginning Balance, and the Ending Balance as printed on your bank statement.  These values are important for calculating any difference between your statement and what is stored in your Rentec ledger.  
  4. Click Begin which will take you to the Reconciliation screen. On the left, you are presented with all debits to the account. On the right, you see all credits/deposits to the account as they were entered into Rentec. At the bottom, you will see the cleared balance (this starts at the value you entered for opening balance in step 3 and is adjusted as you check or un-check transactions. The Statement Ending Balance is what you entered as the ending balance in step 3, and the difference value is the difference between these two balances. The goal is to make the difference $0.00.
  5. 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. If the difference value at the bottom is $0.00, it is a high likelihood that your bank statement and online ledger match perfectly.  You can click Finished to complete the reconciliation. 

      If the difference value does not equal $0.00, it means there is a discrepancy.  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  Finished.  If the difference value does not equal $0.00, switch to the long method described next.
    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. Once completed, if the difference value equals $0.00, you can click Finished

      If the difference value does not equal $0.00, make note of any transactions on your statement that are not within your Rentec ledger and click  Finish Later. Then, 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). You can now return to the reconciliation and mark the checkboxes next to the missing transactions. When done, click Finished.

System Notes:

  • If the difference value equaled $0.00, this means your bank statement reconciled perfectly. When you press Finish, the reconcile screen will close and mark all associated transactions with an R next to them in the bank account ledger.
  • 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.

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 Banking from the main menu.
  2. Right-click a bank account and choose Reconcile from the menu. 
  3. Enter today's date, and put 0.00 for beginning and ending balance, click Begin
  4. Select Mark All on the next screen.  
  5. De-select any transactions you do not want to be included, then click Finished. If an adjustment is automatically posted, you can then optionally delete the adjustment value if you wish.
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