Glossary: Property Management Software Terms & Vocabulary
Use this glossary to quickly look up property management and software-related terms used throughout Rentec Direct.
Jump to a letter
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
A
ACH (Automated Clearing House)
An electronic bank-to-bank payment method used to transfer funds using account and routing numbers.
Account Setup Assistance (Onboarding)
One-on-one guidance is provided to new clients to help them get set up and learn how to use the software.
Schedule time with an account setup specialist
Administrator
The individual who signed up for the Rentec Direct account has full access to billing, settings, and user management.
B
Bank Routing Number
A nine-digit number used to identify financial institutions during transactions. (located at the bottom of checks)
Batch Processing
A method used by payment processors to group transactions and transmit them simultaneously at scheduled intervals.
Learn more about Batch Transactions
Breadcrumb
Clickable navigation links that allow you to move quickly between related records, such as properties, tenants, and transactions.
Learn more about navigating with breadcrumbs
C
Chart of Accounts (COA)
A structured list of financial accounts used for organizing income, expenses, assets, liabilities, and equity.
Learn more about the Chart of Accounts (COA)
CSG Forte
The merchant services provider that processes electronic payments, including ACH
, credit and debit card transactions.
D
Dropbox Sign
An integrated electronic signature tool used to send, auto-fill, and collect signatures on documents such as leases and agreements.
Learn more about Forms, Leases, Agreements, and Eviction Notices
E
Envelope
A single electronic document sent for signature, which may include multiple pages but is treated as one item.
Learn more about Electronic Signatures
F
Fair Market Rent (FMR)
A rental rate calculated by HUD that represents the 40th percentile of gross rents for typical, non-substandard rental units occupied by recent movers in a local housing market.
See your FMR by State, County, and Metropolitan area also view built in FMR tool Rentometer
File Library
Rentec Direct's built-in document storage system securely saves shareable leases, contracts, reports, insurance verification, and signed forms.
Learn more about Rentec Direct's File Library | File Storage
I
Info Card
A snapshot view of key information with quick links to post transactions, edit records, or contact individuals.
Info cards are available in each of these tabs: Property, Tenant, Lead, Bank Account, Owner, and Work Order.
M
Managers
Subusers assigned to properties in a PM account to manage specific management specific tasks such as:
- Property Manager
- Maintenance Manager
- Marketing Manager
Learn more about assigning Managers
Merchant Account
An account that enables electronic payment processing, including online rent collection via ach and/or debit & credit cards, vendor payments, owner disbursements, and owner contributions.
N
NACHA
The organization that establishes and governs the rules for ACH payments in the United States.
Learn more about NACHA (The National Automated Clearing House Association)
Notes
Permanent system-generated or manually entered records that document changes and activity within a Rentec Direct account, such as move-in/move-out activity, rent changes, etc.
Notifications
Automatic alerts that record failed ACH payments
O
Offline Payment
A payment received outside the software, such as a check or money order, that requires manual entry and physical deposit to the bank.
Learn more about Undeposited Funds
Online Payments
Electronic payments that are automatically documented to Rentec Direct accounting ledgers and deposited into a bank account.
Learn more about Online Payment Processing
P
Passkey
A passwordless login method that uses a biometric verification or a security key to provide secure, quick account access.
Products & Services
Charges assigned to tenants, such as rent or other fees that are categorized for accounting and reporting.
R
Reconciliation
The process of verifying that transactions in the system match your bank statement.
Learn more about Bank Account Reconciliation
Recurring Payments
Payments that are scheduled to recur, such as tenant payments that occur automatically at regular intervals, such as monthly rent.
Reminders
Temporary alerts to help you stay organized, like reminders for seasonal maintenance, reconciling your bank account, or following up with a contact.
Rentec Direct Success Team
Ongoing customer service and software support.
Learn more about Quick Solutions and Expert Help
Rentec Labs
New features or enhancements within Rentec Direct that are just leaving the 'lab", our software developers' workshop. The new features have undergone rigorous internal testing and limited client testing outside our office.
Rentec Pro
A version of Rentec Direct property management software is designed for landlords and investors who self-manage their properties. The only features not included in Rentec Pro are those specifically designed for managing properties for others. Learn more about Rentec Pro
Rentec PM
A version of Rentec Direct property management software is designed for property managers and agents who manage properties for owner clients. Rentec PM offers all the features of Rentec Pro plus trust accounting, owner management, designated managers, and owner portal access. Learn more about Rentec PM
Rentometer
An integrated rent comparison tool that helps you see how your rental compares to nearby properties, so you can price competitively and attract the right tenants.
S
Security Key
An additional authentication step is required when logging in to verify your identity, increasing account security.
Sticky Notes
Temporary notes that are visually displayed on property, tenant, or lead lists to remind you of important information.
Subuser
An individual who is added to an account with their own login credentials and customizable access permissions.
Learn more about Subusers, Managers, and Additional Users to Your Account
Surcharges
Additional charges scheduled alongside rent and appearing on the same tenant invoice.
T
Tenant Invoice
A summary of charges, payments, balances, and amounts due for a tenant.
Tenant Statement
A detailed ledger showing all charges, payments, and credits on a tenant's account.
Learn more about Printing, Emailing, and Saving Tenant Statements
Transaction ID
a unique number assigned to each transaction that helps financial institutions, merchants, and/or consumers identify a transaction that occurred between parties.
Transaction History
An audit log that shows what changed, when it changed, and who made the change.
Learn about Transaction History Audit Log
Triple Net (NNN)
NNN refers to splitting tenant payments into two distinct parts: base rent and TICAM (taxes, insurance, and common area maintenance).
Learn more about Entering Split Transactions and How to Customize Tenant Charges
U
Undeposited Funds
A separate bank ledger that is used to track and create a deposit for physical payments received but not yet deposited such as cash, money orders, and checks.
Learn more about Undeposited Funds & Bank Deposits
Unrecorded Funds
A separate bank ledger that is linked to a bank account, functioning much like undeposited funds, to track electronic payments received via ACHor Debit or Credit card, allowing you to create deposits in Rentec Direct software to match deposits made electronically for accurate accounting and ease of reconciliation.
Learn more about Unrecorded Funds