Ledger Adjustment Transactions | Journal Entry

Rentec Direct is geared towards making your accounting tasks simple. If you find you need to adjust a transaction within the software, you can easily edit a transaction and correct any details and simply save your changes. 
Information on how to edit a transaction can be found here: Edit, Correct, or Delete Transactions
But what if you want to have a 'paper trail' for that adjustment, in the event you have already reconciled your accounting period?  In the accounting world, the term used for this type of adjustment would be called a 'journal entry'. 

Ledger Adjustment - Journal Entry Instructions

In our sample scenario, a property manager purchased $100 in supplies for a property. They posted the transaction and allocated it all to Repairs. In the next month, they realize that they made a mistake - some of the expense should have been allocated to painting instead. 
Because they had reconciled the previous transaction, they didn't want to edit the original transaction so they can create an adjustment transaction with these steps. 

In your Rentec Direct account:

  1. Click Banking
  2. Right-click on the Ledger the original transaction was posted in and choose Post Expense 
  3. Use the Split-Transaction button so you have two transaction line
  4. Enter a negative dollar amount from the previously used category (Repairs from our example above) on one line
  5. Enter a positive dollar amount for the correct category (Painting from our example above on the second line
  6. Click the Post Expense button to save

The net effect in this example is $0, however, there is now a paper trail, per se.  Below you will see how these transactions look in the financial reports. 

Property Account Ledger Report

Property Account Ledger Report after journal adjustment

Income and Expense Report

Income and Expense report after journal entry

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