Unrecorded Funds

Rentec Direct provides a flexible way to track, deposit, and record physical payments received and income received by ach and cc to a specific bank account by creating and using  Unrecorded Funds ledgers. 

The most common use for Unrecorded Funds is in conjunction with a merchant account. Deposits and Withdrawals to your bank account from a merchant account are multiple transactions documented as a "batch." Unrecorded Funds ledgers allow you to create batch transactions that match those of the merchant account, resulting in your Rentec Direct account ledgers mirroring your real bank account, more straightforward reconciliation, and accurate accounting.

Note: Unrecorded Funds are much like Undeposited Funds

How to Enable Unrecorded Funds

In your Rentec Direct account:

1. Click on Banking
2. Either click the +Add an Account link to add a new account or right-click an existing account and choose Edit Account   
3. Click the checkbox under Link an Unrecorded Funds Account 
4. Enter the account information
   Note: Make sure to enter the Account and Deposit Routing #
5. Click on Save Changes

A new account will automatically be created and named for you. The name will follow the convention of your bank account, followed by unrecorded.  For example, if your operating account is 1030 Wells Fargo Operating, your Unrecorded Account will be 1030.01 Wells Fargo Operating (unrecorded).

Update 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 .  When transactions are posted to the Tenant or Property ledger, the bank account in the transaction will automatically default to the Unrecorded Funds Account associated with the Bank Account.

Note: The bank can be manually changed when posting individual transactions by selecting a different Bank 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, using the dropdown select the Bank Account (not the Unrecorded Funds account). 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 Master and Subunits will update all units in that group.

Make a Bank Deposit from Unrecorded Funds

Creating a deposit whether it's an actual deposit for cash, checks, money orders etc received or to create a batch deposit to match a deposit made online 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: You will want to create separate deposits to match online deposits for your merchant account as well as deposits made for funds in hand. 
5. Click on Post Deposit

After a Deposit is posted you will have the option to:

• Print Deposit Slip: This option prints a deposit slip and a summary of transactions included in the deposit
• Show Summary: This report option gives you a complete view of all transactions within the deposit for your own records
• Undo the deposit to make corrections or make the deposit at a later time
• 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 to 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 Unrecorded Funds and choose View Deposits

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

View Itemized Batch Deposit Reports from CSG Forte

You can access detailed reports that provide a breakdown of your batch deposits from your merchant account in your CSG Forte DEX Terminal.

The following article provides more information regarding your Dex account, including frequently asked questions, tutorials, assistance logging in, and viewing 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 post to the Unrecorded Account . You will make a deposit using the exact steps as outlined above, only this time you will select the owner payment entries, which will all be debits that match the day's debits.