Property Starting Balance
When first starting your Rentec Direct account it's important to have your property ledger balance with a correct starting balance from your previous system or process.
Regardless if your property has a balance owing or a credit that you wish to reflect on the property ledger, you will be posting a manual transaction to reflect that debit or credit on the ledger.
Tip: It is recommended that you first create a new category for Starting Balance. If you do not wish to categorize these types of transactions, you are welcome to use the system uncategorized option.
More information on creating new categories can be found here: Setting Up Categories | Chart of Accounts
Posting a Property Starting Balance
After you have created the new category, if desired, adding a property starting balance is simple.
In your Rentec Direct account:
- Choose the Property from the Property List.
- From the Profile Card, Property Menu, or from within the Property Ledger,
- click Post Expense to post a negative balance or
- click Post Income to post a positive balance.
- Adjust the Date you with the transaction to be posted in the ledger.
- Add a Memo if desired.
- Keep the Bank Account and Tenant fields as NONE so that this starting balance does not affect those other ledgers.
- Click Post Income or Post Expense to save.