Glossary: Property Management Software Terms & Vocabulary
Use this glossary as your go to reference for property management and Rentec Direct terms you'll see throughout the software. Whether you're learning something new or just need a quick refresher, the glossary provides, easy to understand definitions with a link to more details, all in one place.
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.
Learn more: ACH payments
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: Batch Transactions
Breadcrumb
Clickable navigation links that allow you to move quickly between related records, such as properties, tenants, and transactions.
Learn more: 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: Chart of Accounts (COA)
CSG Forte
The merchant services provider that processes electronic payments, including ACH, credit and debit card transactions.
Learn more: CSG Forte
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: 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: 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 the 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: 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: Assigning Managers
Market Ready Turn
An AI-guided rental turnover platform that integrates with Rentec Direct.
Learn more: Integrated Feature | Market Ready Turn
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: 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: Undeposited Funds
Online Payments
Electronic payments that are automatically documented to Rentec Direct accounting ledgers and deposited into a bank account.
Learn more: Online Payment Processing
P
Passkey
A passwordless login method that uses biometric verification or a security key to provide secure, quick account access.
Learn more: Passkey
Products & Services
Charges assigned to tenants, such as rent or other fees that are categorized for accounting and reporting.
Learn more: Customize and Add Other Tenant Charges
R
Reconciliation
The process of verifying that transactions in the system match your bank statement.
Learn more: 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.
Learn more: Reminders
Rentec Direct Success Team
Ongoing customer service and software support.
Learn more: 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
Rentec Pro is a version of Rentec Direct property management software designed for landlords, building managers, and real estate investors who self-manage their properties. It includes advanced features such as Open API, Zapier integration, and Bank Sync.
Learn more: Rentec Pro
Rentec PM
Rentec PM is a version of Rentec Direct property management software designed for professional property managers. It includes all the features available in Rentec Pro, plus manager role assignments and fees, trust accounting, property owner/LLC accounting, owner disbursements, online tax filing, and an Owner Portal where owners can securely view their accounts.
Learn more: Rentec PM
Rentec Starter
Rentec Starter is a version of Rentec Direct property management software designed for landlords with 10 or fewer properties. It includes essential property management features for a simple flat monthly fee.
Learn more: Rentec Starter
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.
Learn more: Rentometer
S
Security Key
An additional authentication step is required when logging in to verify your identity, increasing account security.
Learn more: Adding and Using Two-Factor Authentication | Security Keys
Sticky Notes
Temporary notes that are visually displayed on property, tenant, or lead lists to remind you of important information.
Learn more: Sticky Notes
Subuser
An individual who is added to an account with their own login credentials and customizable access permissions.
Learn more: Subusers, Managers, and Additional Users to Your Account
Surcharges
Additional charges scheduled alongside rent and appearing on the same tenant invoice.
Learn more: How to Set Up Surcharges for Consolidated Tenant Billing Invoices
T
Tenant Invoice
A summary of charges, payments, balances, and amounts due for a tenant.
Learn more: Display Options | Reports, Statements, and Invoices
Tenant Statement
A detailed ledger showing all charges, payments, and credits on a tenant's account.
Learn more: Printing, Emailing, and Saving Tenant Statements
Transaction ID
A unique identifier assigned to each online transaction that helps financial institutions, merchants, and consumers accurately identify and track transactions between parties. This identifier is displayed in online payment reports and transactions.
Learn more: Financial Reports
Transaction History
An audit log that shows what changed, when it changed, and who made the change.
Learn more: 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: 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: Undeposited Funds & Bank Deposits
Unrecorded Funds
A separate bank ledger linked to a bank account, functioning much like undeposited funds, to track electronic payments received via ACH, debit, or Credit card, allowing you to create deposits in Rentec Direct software to match deposits made electronically for accurate accounting and easier reconciliation.
Learn more: Unrecorded Funds