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 for any of the bank accounts listed in your Rentec Direct account and mirror the physical bank deposit within your software bank ledgers.  

Understanding the Undeposited Funds Bank Ledger

Undeposited funds are money that you have received (cash, checks, money orders) that have not yet been deposited into a bank account. 

Note: An Unrecorded Funds account can be created for each bank account. This is very beneficial for reconciling merchant accounts to help you match daily batch deposits. Information on adding Unrecorded Funds accounts can be found here: Unrecorded Funds

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 to. 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: 

  1. Click on Banking
  2. Right-click on the bank deposits will be made in to and click on Edit Account 
  3. Verify that all the information asked for within the edit account screen is provided including account and (deposit) routing number. If you need help with these numbers, please contact your financial institution. 
  4. Click on Save Changes 

Set the Property Default to Undeposited Funds for Income Transactions 

You will want to edit each property that will be using the Undeposited Funds process, setting the default income account to Undeposited Funds. This will ensure as you receive funds they will record into the Undeposited Funds account automatically instead of any other until you are ready to make a deposit. 

Important Note: If you have multiple bank accounts and also using Unrecorded Funds, be sure to select the appropriate income account.

NoteIf you choose to skip this step, you will want to select the appropriate account from the account dropdown when posting income.

In your Rentec Direct account: 

  1. Click on Properties
  2. Right-click on a property and choose Edit Property 
  3. Under Financial, change the Income Account to the appropriate Undeposited (or Unrecorded) Funds ledger. 
  4. Click on Save Changes 

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: 

  1. Click on Banking
  2. Right-click on Undeposited Funds 
  3. Click on Make Deposit 
  4. Select all 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. 
  5. Using the Deposit To drop-down select the bank funds will be deposited to
  6. Click on Post Deposit 

You will then be shown a summary of your deposit with options to:

  • 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.

    TipMost 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. 
  • Change the Bank Account the deposit is going to
  • Undo the deposit (To make corrections or make the deposit at a later time)
  • Specify the Status of the transaction
    • Un-Cleared: Not seen on your bank statement
    • Cleared: Seen on your bank statement
    • Reconciled: Reconciled against your bank statement

View Past Deposits

At any time, you can review past deposits

In your Rentec Direct account:

  1. Click on Banking
  2. Right-click on Undeposited Funds (or Unrecorded Funds) and choose View Deposits

System Note: Learn more about correcting deposits here: Fixing Bank Deposits

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