Receiving Tenant Deposits

Documenting deposits received is easy in your Rentec Direct software. 

Tenant security deposits are typically required to be held in a separate bank account from rental income. The security deposit ledger helps you keep a detailed record of the security deposit and any other payments that must remain separate, such as pet deposits or last month's rent.

The following steps will guide you through entering tenant security deposits, last month's rent, or other funds received via check, cash, or money order that are held separately from current Rental Income.

In your Rentec Direct account:

1. Click on Tenants
2. Click on the Balance to enter the ledger
3. Click the On Deposit button to enter the deposit ledger
4. Under What would you like to do?, the selection will default to Receive Deposit
5. Enter the Receive Deposit details of the payment
6. Click on Save Changes

Receiving Deposits Online

Easily manage security deposits that were received online.

Tenants may pay the security deposit online, possibly mixed with a rent payment. When this happens the transaction would automatically be posted to the tenants ledger categorized as rental income and funds will be deposited into your default rental income account.

There are two quick steps required so the transaction is correctly documented:

1. Change the Category - This will cause the transaction to be correctly identify and move the transaction to the deposit ledger
2. Document that you moved the funds to a different bank account

✨Watch for upcoming 2025 time saving enhancements to renter posted income✨

The following steps will guide you through how to manage a combined payment that was received online. Since the transaction has rent and deposit combined, we will need to Split the transaction and only move the deposit

Step 1 Change the category

In your Rentec Direct account:

1. Click on Tenants
2. Click on the Balance to enter the ledger
3. Click on the paper/pencil icon next to the transaction to edit
4. Click on Split Transaction
5. Correct the dollar amount for Rental Income
6. Click on +Add Line to create a separate line for the deposit portion of the payment received
7. In the new line,
   1. Use the dropdown to select the Property
   2. Enter category 2010 Security Deposit Held which will automatically move the transaction to the deposit ledger

8. Click on Save Changes

   
   

   Step 2 Document that you moved the funds to a different bank account

   
   
9. Click the On Deposit link to access the security deposit ledger
10. Under What would you like to do?, click on Transfer Deposit

11. Enter Transfer Deposit to a Different Bank details to document the bank you moved funds from and to

    System Note: This does not actually move funds from one bank account to another, it just reflects what you did at the bank level

12. Click on Save Changes

System Notes:

• If you receive management fees based on rent received, be sure to edit the management fee in the property ledger
• If owner to hold, you will then want to Transfer a Tenant Deposit