Undeposited Funds & Bank Deposits
Rentec Direct has full support to manage your undeposited funds with a flexible interface allowing you to create a deposit slip and mirror the physical bank deposit within your software bank ledgers.
Understanding the Undeposited Funds Bank Ledger
Undeposited funds mean money that you have received (cash, checks, money orders) that have not yet been deposited into a bank account.
Note: The first Undeposited Funds ledger is created for you. You can create additional Undeposited Funds accounts if you have multiple bank accounts you deposit into.
Information on adding bank ledgers can be found here: Add Bank Accounts
Undeposited Funds Deposit Slip Settings
You can designate the Undeposited Funds ledger as the default income ledger on every property. In addition, within every income transaction page, you will have the option to choose the Undeposited Funds bank ledger to post that income. However, to get the most out of the software, you will want to take a moment to verify settings and details so you can create deposit slips.
In your Rentec Direct account:
- Click Banking.
- Right-click the bank ledger and click on the Edit Account option from the bank ledger menu.
- For a deposit slip to be useful, verify that all the information asked for within the edit account screen is provided including full routing and account number. If you need help with these numbers, please contact your financial institution.
- Click Save Changes when finished.
Set the Property Default to Undeposited Funds for Income Transactions
At this time you may wish to edit each of your properties and set their default account to an appropriate Undeposited Funds ledger. This will ensure as you receive funds they will record into the Undeposited Funds account instead of any other until you are ready to make a deposit.
Note: If you choose to skip this step, you will want to select in the Account dropdown the Undeposited Funds account each time you receive funds.
In your Rentec Direct account:
- Click Properties.
- Right-click on a property and choose Edit Property from the menu.
- Change the Default Account to the appropriate Undeposited Funds ledger.
- Click the Save Changes button when finished.
Receiving an Income to Undeposited Funds
When receiving a tenant payment or income for a property, be sure the Account is selected as Undeposited Funds. If you followed the set up above for the properties to default to the Undeposited Funds ledger then this should already be selected for you. If not, Undeposited Funds can be found and selected manually in the dropdown Account menu.
Making a Bank Deposit from Undeposited Funds
When you are ready to make a bank deposit, creating a bank deposit slip is easy within the software.
In your Rentec Direct account:
- Click Banking.
- Click the balance of the Undeposited Funds account.
- Click the Make Deposit button.
- Within the Make Deposit window, select all the transactions you want to include in this deposit.
Note: The items you choose will be added to the deposit slip. The system will automatically total them as you select. - Then, choose the bank ledger from the drop-down list for the bank that mirrors where you have or will deposit the actual funds.
- Click the Post Deposit button
You will then be shown a summary of your deposit with two options.
- Print Deposit Slip: this option prints a deposit slip and a brief summary of all transactions. This is useful for placing in your envelope that goes to the bank.
Tip: Most banks accept a printed deposit slip; however, for them to be able to automatically scan your account number you will want to use magnetic toner in a laser printer. - Show Summary: this report option gives you a complete view of all transactions within the deposit for your own records.
View Past Deposits
At any time, you can review past deposits by visiting the Undeposited Funds account, and choose View Deposits.
Instructions for correcting any mistakes when making a deposit can be found here: Fixing Bank Deposits