Unrecorded Funds

Unrecorded Funds ledgers will act the same way as Undeposited Funds; however, Unrecorded Funds work for both credit and debit card 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.

By batching transactions in your Rentec Direct property software, it's easy to match the batch transactions to your bank account, resulting in accurate accounting and a quicker reconciliation process.

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. 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).


How to Use Unrecorded Funds

The most common use 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 for your Rentec Direct bank ledger to match your actual bank ledger, the daily deposits will 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 Direct.

  • 1/1/2023 John Smith   $1,000
  • 1/1/2023 John Smith   $1,000
  • 1/1/2023 John Smith   $1,000
  • 1/1/2023 John Smith   $1,000
  • 1/1/2023 John Smith   $1,000

However, your merchant account will batch those five payments into one $5,000 payment to your bank account.

  • 1/2/2023 Forte Deposit  $5,000

If you use bank sync, or regularly reconcile your Rentec Direct bank ledger, you've experienced the added complexity of 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.


Update Default Bank Accounts

To direct financial transactions to automatically post to the Unrecorded Funds account you will want to update the default bank account in properties using the following steps.

In your Rentec Direct account:

  1. Select Properties
  2. Right-click next to the property
  3. Select Edit Property
  4. Under Financial, using the dropdown select the Bank Account linked to the merchant account and shows ach
  5. Update Property

Important Note: To ensure funds are deposited into the correct bank account, do not select the unrecorded funds account.                            Tip: When editing multi unit properties, updating the main unit and selecting Update Master and Subunits will update all units in that group.


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 can now make a deposit into the primary operating account.

In your Rentec Direct account:

  1. Click Banking
  2. Click the balance on your Unrecorded Funds account to enter the ledger
  3. Click Make Deposit
  4. 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.


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 Owner ACH Disbursements

Unrecorded Funds work equally well for owner disbursements. Owner disbursements made by ACH work exactly like tenant ACH payments, 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.

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