Bank Account Reconciliation

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

Note: During the reconciliation process you may need to edit or delete transactions. 

Bank Account Reconciliation 

Prior to processing a reconciliation in your Rentec Direct account, you will want to reconcile your bank account and complete any outstanding journal entries in your Rentec Direct account. 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 

    : 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 Ending Statement Date, the Opening 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 Direct ledger.  
  4. Click Begin which will take you to the Reconciliation screen. On the left, you are presented with all Debits/Withdrawals documented in the account. On the right, you see all Credits/Deposits documented in the account. 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.
  • 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.

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 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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