Bank Account Starting Balance

Bank account starting balances are entered when adding a new account to your Rentec Direct account, as outlined in Add Banking Ledgers. Unless your physical bank account is brand new and has no transactions posted, you will want to enter a starting balance that matches your bank account as the first entry to ensure bank reconciliation and report accuracy. 

The starting balance will be the first transaction in the ledger, and all future transactions associated with this ledger will appear in either the debit or credit columns with a running Balance column.

System Tip: Click on the header carrot to change the sort order

Adjust a Bank Ledger Balance

There may be times when a bank ledger balance needs to be updated. Whether you are picking a new beginning date for transactions or reconciling to a statement that has been balanced.

The steps outlined below will allow you to enter a new balance as of a specific date, and then the system will reconcile the difference by automatically posting a credit or debit transaction to the ledger.

Important Note: If the adjustment is for a purpose other than a starting balance, it's best to find and fix the error and use this function as a last resort.

In your Rentec Direct account:

1. Click on Banking 
2. Right-click on a Bank Account and choose Update Balance 
3. Enter the:
   1. Adjustment Date (A date before you begin tracking income and expense transactions on this ledger, and would often correspond to that bank account's bank statement end date) 
   2.  Desired Balance field: This will begin your rolling balance for that ledger in the software. Typically, this would be the ending balance on your bank statement.

   3. Adjustment Category will default to 3030 Opening Balance (Equity).

      Tip: You can create a new category, but we recommend reviewing with your accountant first. Learn more about Setting Up Categories | Chart of Accounts

   4. Description is auto-filled as Account Adjustment. This description can be edited to Starting Balance or any other wording and will be displayed in the memo section of the ledger and reports.
4. Click on Post Adjustment

The system will then reconcile the difference and post a credit or debit transaction to complete the balance request on the date specified.

If the adjustment is for a purpose other than a starting balance, it is best to find and fix the error and use this function as a last resort, as it will likely require clarification by your accountant. If used, you may want to visit your Chart of Accounts and create an applicable account to post the adjustment to and be thorough with the description.)

Pro Tips: 

• Rentec Direct provides Full Assets, Liabilities, and Equity Accounting
• Save time, Schedule and Send Automated Reports to Owners, Managers, and/or Yourself. Create a list of Favorites from your most used reports.