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.

Before beginning a reconciliation, be sure to:

1. Have your bank statement available
2. Post any pending deposits and expenses in the software, such as:

• Rental income
• Vendor payments
• Management Fees
• Owner Disbursements

This article reviews:

• Reconciling your Rentec Direct Account to your Bank Statement
• Save and Finish Later
• Resume or Start Over Your Reconciliation
• Clear past transactions as "reconciled."

Reconciling your Rentec Direct Account to your Bank Statement

The steps below walk through reconciling your Rentec Direct and bank account.

In your Rentec Direct account: 

1. Click on Banking 
2. Right-click on a bank account and choose Reconcile (or click on the stacked menu)
3. From your bank statement, enter the:
   1. Statement End Date (will automatically populate the date to follow the previous reconciliation and can be changed if needed)
   2. Statement Opening Balance (will automatically populate from the last reconciliation's Ending Balance and can be changed if needed)
   3. Statement Ending Balance
4. Click on Begin. At any time, if you are unable to finish reconciling, click on Finish Later to save the entered data and return later (see Save and Finish Later in the next section).  

5. Mark the checkbox next to each transaction in the software that matches a transaction on your bank statement, or check the box at the top of the list to automatically mark all transactions.

   Tip: Place a check mark next to each transaction on your bank statement that is checked in the software

6. Make note of any transactions that appear on your statement that are not on your Rentec ledger, and click  Finish Later
   1. Enter any missing transactions into the appropriate ledger. Typically, these are property-related expenses that you'll want to post within Properties, or tenant income that posts on Tenants.
   2. You can now return to the reconciliation and mark the checkboxes next to the missing transactions. When done, click on Finish.
   3. If the Difference value at the top is $0.00, it is highly likely that your bank statement and online ledger match perfectly. You can click on Finish to complete the reconciliation. (If the Difference value at the top is not $0.00, see FAQs & Tips at the bottom of the page.)

When you click on Finish:

1. You will be presented with an option to download the report
2. All associated transaction statuses will automatically change to R (reconciled) in the bank account ledger.
3. A copy of the reconciliation report will automatically be saved to your Notes & History

Save and Finish Later

There may be times when you begin reconciling, only to have other tasks pull you away. The software automatically saves entered reconciliation data at regular intervals, making it easy for you to finish reconciling later.

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

Resume or Start Over Reconciling

After selecting Finish Later in the previous steps, you can easily resume the reconciliation process or start over if needed.

In your Rentec Direct account:

1. Click on Banking
2. Right-click on the bank and select Reconcile
3. Click Resume to continue the existing reconciliation, or Start Over to uncheck previously marked transactions and start over.

How to Clear Past Transactions as Reconciled

Some clients have asked how to mark all transactions as reconciled without reviewing every historical bank statement. To accomplish this:   

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 the beginning and ending balance, and 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 included, then click Finish. If an adjustment is automatically posted, you can optionally delete the adjustment value.

FAQs (Frequently Asked Questions) & Tips

FAQs

Q) What if my Ending Balance doesn't equal 0.00?

If the Difference value is not $0.00, there is a discrepancy. It's usually best to resolve the difference before reconciling. The software will present the option to post an adjustment to offset the difference.

Post an adjustment to the ledger

• When there is a discrepancy, and Finish is selected, a window displays the difference, allowing you to Finish and have the software post an adjustment to the ledger. You can either leave the adjustment or delete it from the ledger later.

Suggestions for resolving the issue

While there's no way to cover every scenario where an account doesn't balance, we've listed some of the most common, easy-to-fix reasons. Once you've discovered why the reconciliation didn't balance and resolved the issue, just go back and finish the reconciliation process.

• In the Account Reconciliation report, look at the bottom of each list and uncheck any transactions that happened after your bank statement's end date. Those transactions will get reconciled on the following statement.
• Review your Balance Discrepancy report in Accounting reports for transactions that may not have a bank account indicated.
• Review the convenience fees reflected on your bank statement that are not indicated in your Rentec Direct account.
• Search for matching transactions using the global search tool at the top of the page.

Tips

• Each list can be scrolled through independently

• Click on the Maximize Ledger button (under Bank Reconcile) to extend the list of transactions

  

  
  
• The Balance Sheet report shows at a glance whether accounts are balanced between reconciliations.
• Learn more about Rentec Direct's Full Accounting Options: Assets, Liabilities, and Equity with a True Balance Sheet