Last Month's Rent

It's simple to keep track of funds you receive from a tenant that should be set aside for the last month's rent in their tenancy. 

1. When funds are received upon move-in, document the amount received and which bank the funds are held in the security deposit ledger
2. When the funds are to be applied, Move Deposit to Tenant Ledger, indicating which bank the funds have been transferred to

Document Last Months Rent Received

When a tenant has paid the Last Month's Rent, it can easily be documented in the security deposit ledger in the bank account of your choice. This will add the amount to the deposit window so it can be easily identified and tracked.

In your Rentec Direct account:

1. Click on Tenants
2. Click on the balance or Right-click on the tenant to enter the ledger
3. Click On Deposit
4. Under What would you like to do?, check Receive Deposit
5. Enter the Date, Amount, and which Bank the funds were deposited into
6. Enter a Memo that will be displayed under the Description
7. Click on Save Changes

Note: States have different requirements regarding how last month's rent can be held. If you're not sure, consult your accountant and review state laws.

Applying Last Month's Rent at the End of Tenancy

When it's time to apply last month's rent payment, the rent charge should have already been posted to the tenant ledger. The following steps walk through how to document the funds being applied as rent received to the tenant ledger. 

In your Rentec Direct account: 

1. Click on Tenants
2. Right-click on the tenant and select View Ledger 
3. Click On Deposit 
   
4. Under What would you like to do? check Move Deposit to Tenant Ledger
5. Enter the Date and Amount of funds to be applied to the tenant ledger 
6. Select the applicable income Category you wish to apply the funds to (e.g., 4000 Rental Income)
7. Select the From Bank Account the funds are being held in and the To Bank Account it was deposited into (If the bank account didn't change, select None)
   
   Note: Because this transaction is typically associated with a property, the tenant must be placed into the property for credit to be applied to the property ledger; if the tenant is "inactive," the credit will not post correctly.
8. Add a Memo as needed
9. Click on Save Changes