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.
Transfer Funds Between Bank Account Ledgers
- Click Banking.
- Click the bank balance on the account ledger the corresponds with the account funds were removed from in the original transfer.
- Click the Transfer Funds button.
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.
- Fill in the appropriate fields for the date, amount, memo, and status.
- Choose the bank ledger in the To Bank drop-down list that corresponds to where the funds were deposited into in the original transfer.
- 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.