Transfer Funds Between Bank Accounts

Within the Rentec Direct software, you are able to track multiple bank account ledgers and mirror the activity that occurs at your financial institution. Using this option will help you reconcile your Rentec Direct ledgers with your bank statements more easily. 

Should you need to transfer funds between those bank account ledgers in the program, first be sure both accounts are established.

Instructions for adding a bank account ledger can be found here: Add Banking Ledgers

Transfer Funds Between Bank Account Ledgers

Once you've established your banking ledgers to match your financial institution accounts, you can mirror any movement of funds (transfers) made between those real world accounts. 
In your Rentec Direct account:
  1. Click Banking
  2. Click the bank balance on the account ledger the corresponds with the account funds were removed from in the original transfer. 
  3. Click the Transfer Funds button. 

    Transfer funds between banking ledgers

    Note: This option is not available on Undeposited Funds nor Unrecorded Funds ledgers as those ledgers are place holders to post transactions prior to an actual deposit. 

  4. Fill in the appropriate fields for the date, amount, memo, and status. 
  5. Choose the bank ledger in the To Bank drop-down list that corresponds to where the funds were deposited into in the original transfer.  

    Filling out the details of the transfer of funds

  6. Click Save Changes. You will now see a transaction in each ledger representing funds transferred out of the one account and into another that match your banking activities. 

TXFR will be displayed in the Description as well as in the Check # field for reference. Also in the Description you'll notice which account the funds were taken from or transferred to that mirrors your banking activity. 

Ledger image result from using the transfer funds tool

Important Note: No actual funds are being moved by using this tool. The transfer funds tool is designed to help you mirror banking activities in the software that have occurred in the real world.  
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