Unrecorded Funds

Unrecorded Funds ledgers function similarly to Undeposited Funds; however, Unrecorded Funds apply to both credit and debit transactions. They are most commonly used with a merchant account to help batch deposits and withdrawals to match the merchant service provider's batch. After creating an Unrecorded Funds account, update the properties linked to that bank account to ensure transactions are recorded correctly. This article outlines the following steps. Click a link to jump to that section.

1. Create a Linked Unrecorded Funds Account
2. Update Property Default Bank Accounts
3. Enter a Deposit From Unrecorded Funds
4. View Past Deposits

Create an Unrecorded Funds Account

You can add an Unrecorded Funds Account when either adding a new Bank Account or editing an existing one by following these steps:

In your Rentec Direct account:

1. Click on Banking
2. Either click on +Add an Account or right-click an existing account and select Edit Account
3. Check the box labeled Link an Unrecorded Funds Account
4. Click Save Changes

A new account will be created automatically and named according to your bank account naming convention. For example, if your operating account is "1030 Wells Fargo Operating," your Unrecorded Account will be "1030.01 Wells Fargo Operating unrecorded."

Learn more about Undeposited Funds.

Update Property Default Bank Accounts

The default Income Account and Expense Account in the property profile should be the actual Bank Account, not the Unrecorded Funds Account. Online financial transactions will automatically default to the Unrecorded Funds Account linked to the Bank Account.

Note: The bank can be manually changed when posting individual transactions by selecting the Unrecorded Funds Account from the dropdown.

Set your default Income and Expense Accounts

In your Rentec Direct account:

1. Click on Properties
2. Right-click on the property and select Edit Property
3. Under Financial, choose the Bank Account (not the Unrecorded Funds account) from the dropdown. If it's linked to a merchant account, it will display ach and/or cc.
4. Click on Update Property

Important Note: To ensure funds are deposited into the correct bank account, do not select the unrecorded funds account.

Pro Tip: When editing multi-unit properties, updating the main unit and selecting Update Primary Unit and Subunits will update all units in that group.

How to Use Unrecorded Funds

The most common use for Unrecorded Funds is with your merchant account.

csgForte will batch your daily deposits into one deposit and your daily withdrawals into one withdrawal. This means that, to ensure your Rentec Direct bank ledger matches your actual bank ledger, these daily deposits should be grouped into a single transaction.

For example, if four tenants each pay $ 1,000 on the 5th of the month, you would record four individual $1,000 credit transactions in your Unrecorded Bank Register on Rentec. Using the steps below, you would create a "Deposit" from the Unrecorded Bank to the linked Bank, resulting in a single $4000 deposit that matches the batch deposit for easy balancing and reconciliation.

Enter a Bank Deposit from Unrecorded Funds

Create a deposit, whether it's an actual deposit of cash, checks, money orders, etc., received or to create a batch deposit matching an online deposit from your merchant account.

In your Rentec Direct account:

1. Click on Banking
2. Right-click on the Unrecorded Funds Account
3. Click on Make Deposit

4. Select the transactions you want to include in this deposit

   Note: Have a breakdown of deposits from your merchant account available to create separate deposits that match online deposits and deposits made for cash on hand. 

5. Click on Post Deposit

After a deposit is posted, you will have the option to:

• Print Deposit Slip: This prints a deposit slip and a summary of transactions included in the deposit
• Show Summary: This report provides a complete view of all transactions within the deposit for your records
• Undo the deposit to make corrections or to make the deposit later
• Specify the status of the transactions:
  • Un-Cleared: Not yet seen on your bank statement
  • Cleared: Seen on your bank statement
  • Reconciled: You have reconciled the transaction with your bank statement

View Past Deposits

You can review past deposits anytime in your Rentec Direct account:

1. Click on Banking,
2. Right-click on Unrecorded Funds and select View Deposits.

System Note: Learn more about fixing deposits here: Fixing Bank Deposit

View Itemized Batch Deposit Reports from CSG Forte.

You can access detailed reports that show a breakdown of your batch deposits from your merchant account on your CSG Forte DEX Terminal. The next article offers more information about your Dex account, including frequently asked questions, tutorials, help with logging in, and how to view transaction details. This information is also available as a PDF, which you can download and save for quick reference: Rentec Direct Merchant Account | Dex FAQ & Training Guide.

Note: If you need assistance logging in or further assistance with reviewing information in CSG Forte, call 866-290-5400 ext 2 or partnersupport@forte.net.

Using Unrecorded Funds for Outgoing ACH Transactions

Unrecorded Funds work equally well for expenses such as Owner Disbursements and Vendor Payments. Outgoing ACH transactions work exactly like rental income or owner contributions, except they are a debit to your account instead of a credit. Once you have enabled an Unrecorded Funds account as defined above, your outgoing owner ACH disbursement will also be posted to the Unrecorded Account. You will make a deposit using the exact steps outlined above, but this time, you will select the owner payment entries, which will all be debits that match the day's debits.