Financial Reports

Financial reports are vitally important for all involved in property management for compliance, accounting, bookkeeping, and tax purposes.

Financial Reports Overview

To find reports within your Rentec Direct account, simply click on Reports. You'll notice a Favorites section at the top of the reports. Click on the star next to a report to move it up to your Favorites List for quicker access in the future.

Financial Reports are organized into three topics: 

1. Accounting
2. Online Payments
3. Tax Reports 

When creating reports, you can easily customize each report by:

REPORT PERIOD

Select from a Report Period selection or enter a custom date range

BANK ACCOUNT

Select a Bank Account (Category ledger allows you to choose All Accounts)

OWNER (PM accounts)

Pull financial reports by Owner

PROPERTY

Choose from Individual units, subunits, Main unit, or All properties

DISPLAY TRANSACTION DETAILS

Indicate if you would like to display property and transaction memos or details for split transactions

Tips:

• Hover over a report for helpful details
• Click on headers to sort the direction of the report
• Reports include clickable fields, such as category, dollar amount, or address, that allow you to access a transaction, ledger, or profile to make necessary changes and then return to your report using the page back function. 

Pro Tip: Add a professional touch by Adding Your Logo to reports

Accounting Reports Most Commonly Used

With over 20 Accounting reports available, Rentec Direct property management software provides all of the necessary reports to support the software's Full Accounting capabilities.

• Account Balances
  • Displays point-in-time account, owner, and property balances and target reserves as of the ending date specified
• Account Ledger A & B (B is more advanced with more content)
  • Displays a report with the line-by-line contents of the ledger for the selected property or account in landscape form.
• Balance Sheet

  • Provides a financial balance sheet of your account, which includes all of your assets, liabilities, and equity as of the specified date.

    Pro Tips:

    * Quickly see if your Rentec Direct account is in balance by comparing the Total Assets to Total Liabilities & Equity

    * Under Equity, Retained Earnings will indicate profitability

    * Remember to "Deposit" transactions in Undeposited or Unrecorded Funds so the transactions will be included in this report

• Balance Discrepancies Report
  • This report identifies transactions without an account indicated that are causing the Balance Sheet to be inaccurate.
• Income/Expense Statement (sometimes referred to as a Profit/Loss Statement)

  • Reports on both income and expenses for the selected period

    Pro Tip: Be sure to "Deposit" transactions in Undeposited or Unrecorded Funds so the transactions will be included in this report

• Operating Statement A & B (B is a more advanced version including beginning and ending balances)
  • Displays monthly columns of income and expenses associated with the properties and date range selected, including beginning and ending balances and other categories.
• Product Billing Summary (Charges to tenants)
  • A 12-month financial summary ordered by product for a given date range
• Trial Balance A & B (B is a more advanced version that includes the Security Deposit balances)
  • Trial balance compares credit and debit items side-by-side within a property, owner, or account and can be organized by owner to include owner balances and affiliated security deposit balances.
• Vendor Ledger
  • Displays all transactions in a ledger format that matches a specified vendor.

Online Payment Reports

• ACH Settlement
  • Displays ACH payments received for the date range selected with an estimated deposit date
• Cash Settlement
  • Displays cash payments received via the cash payment network for the date range selected
• CC Settlement
  • Displays credit/debit card payments received from tenants and co-tenants and their estimated deposit dates for the date range selected
• Completed Online Payments
  • Displays completed ACH and CC/Debit Card (online Payments) for the date range selected.
• Outgoing ACH
  • Displays completed outbound ach payments to Owners, Vendors, and Property Managers, who are set up as Payees, for the date range selected.
• Owner Payment Wizard
  • Shows all the payments to the property Owners made using the Owner Payment Wizard
• Upcoming Payments

  • Shows all upcoming and planned ACH transactions/scheduled tenant payments

    Tip: By default, you will receive email notifications of upcoming scheduled payments delivered to your inbox. If you prefer not to receive notifications, the setting can be changed in Payment Processing Settings

Tax Reports

Pro Tip: Reconciling your accounts in Rentec Direct monthly will make your tax filing and end-of-year accounting much quicker and more accurate. 

• 1099 Tax Assistant
  • Provides a list of all vendors paid during the timeframe, with the option to limit it to those paid more than $600 annually.
• Depreciation Schedule
  • Shows all depreciable improvements for the year indicated in the beginning date range.
• Schedule-E Assistant
  • Provides an income/expense statement based on items that populate to your federal schedule-E

Rentec Direct property management software includes all necessary reports for property, renter, and owner management, including Assets, Liabilities, and Equity Accounting, for Full Accounting Options.

This article reviews:

• How to access Financial Reports
• Financial Reports Overview
  • Types of Financial Reports
  • Customization options
• Review of most commonly used Financial Reports
• Online Payment Reports
• Tax Reports

Click on the blue links throughout the article for more details of the benefits and how to utilize the report.