Unrecorded Funds
Unrecorded Funds ledger will act the same way as Undeposited Funds; however, Unrecorded Funds works for both credit and debit transactions. Unrecorded Funds are most often used in conjunction with a merchant account to help you batch your daily deposits and withdrawals from that merchant service provider.
How to Enable Unrecorded Funds
- Click Banking.
- Either click the +Add an Account (or right-click an existing account and choose Edit Account).
- Click the checkbox under Link an Unrecorded Funds Account.
- Click Save Changes when finished to create the new linked ledger.
A new account will automatically be created and named for you. The naming 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).
How to Use Unrecorded Funds
The most common usage for Unrecorded Funds is in conjunction with your merchant account. Because most merchant accounts will batch your daily deposits into a single deposit, and batch your daily withdrawals into a single withdrawal that means in order for your Rentec Direct bank ledger to match your actual bank ledger, these daily deposits need to be grouped into one transaction and likewise for the daily withdrawal (if applicable).
To illustrate, if you have five tenants make payments on the 5th of the month, each paying $1000, you would show five $1,000 credit transactions in your bank register on Rentec.
- 1/1/2022 John Smith $1,000
- 1/1/2022 John Smith $1,000
- 1/1/2022 John Smith $1,000
- 1/1/2022 John Smith $1,000
- 1/1/2022 John Smith $1,000
However, your merchant account will batch those five payments into one $5,000 payment to your bank account.
- 1/2/2022 Forte Deposit $5,000
If you use bank sync, or regularly reconcile your Rentec Direct bank ledger you've experienced the added complexity to both of those tasks because the Rentec Direct ledger has five transactions, but your actual bank account only has one. Using the Unrecorded Funds tool can help simplify both bank sync and reconciliations. Plus, it's a good idea to have your bank ledger match up exactly with your actual bank statement. This is where Unrecorded Funds support comes into play.
Make an Unrecorded Funds Deposit Transaction
Once Unrecorded Funds is enabled for your deposit account ledger, those five $1,000 transactions will show as credits into your Unrecorded Funds account instead of your operating account. You now will make a deposit into the primary operating account.
- Click Banking
- Click the balance on your Unrecorded Funds account to enter the ledger.
- Click Make Deposit
- Select the matching transactions (for example, those five $1,000 transactions in the example above), and then click Post Deposit.
For the example above, you will now have one $5,000 transaction within your Operating Account that consists of the five $1,000 transactions and your bank account ledger within Rentec Direct will now exactly match your actual bank statement.
Using Unrecorded Funds for Owner ACH Payments
Unrecorded Funds work equally well for owner payments. Owner ACH payments work exactly like tenant ACH payments only 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 payment 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.
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