Bank Account Starting Balance

Enter your Bank Account Starting Balance when adding bank accounts to Rentec Direct property management software.

Unless your physical bank account is brand new and no transactions have been 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. All transactions associated with this ledger will display in either the debit or credit columns under that starting balance. The right-hand Balance column will automatically keep a running balance for you.

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.

Adding a Bank Account Starting Balance

Adding a beginning balance in the bank ledger of your account is straightforward. 

In your Rentec Direct account:

1. Click on Banking 
2. Right-click on a Bank Account and choose Update Balance 
   
   Note: You will also find an Update Balance option inside every bank ledger
3. Enter the Adjustment Date (A date before you begin tracking income and expense transactions on this ledger and would often correspond to that bank account bank statement end date) 
4. Enter a beginning balance in the 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).
   
   Important Note: For reconciliation purposes, you can either subtract any known outstanding items that haven't yet cleared and enter that new total. Or, allow the Reconciliation tool to make that account adjustment when you do your first reconciliation. 
   
   Learn more about Bank Account Reconciliation
5. The 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
6. The 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.
7. Click on Post Adjustment