End of Year Accounting

Rentec Direct property management software provides the steps and tools to accomplish important end of year financial tasks. 

Pro Tips:

• Reconciling monthly is recommended and will simplify End of Year Accounting. Click this link for Information on reconciling  your Rentec Direct account
• Print the End of Year checklist for easy tracking  End-Of-Year Accounting Tasks in Rentec Direct

General Housekeeping

The Summary tab will be the best place to start. When you’re on the Summary Tab, make sure All Properties is indicated in the upper right hand corner.

• Click on the reminder bell to review pending tasks
• Complete any open work orders
• Finish pending move-outs
• Review tenants, vendors, and owners if applicable information for accuracy
• Verify Tax ID#s for company, owners, and vendors
• Review property inusurance

Reports to Review in Rentec Direct:

• Review lease expiration report
• Review Delinquent Tenant report for issues that may need to be addressed

End-of-Year Accounting Tasks in Rentec Direct:

• Post expenses that haven’t been entered
• Check Tenant Security Deposits for accuracy, your Tenant Security Deposit report will give you a current view
• Review and change “Uncategorized” transactions using the category ledger report by:
  • All Properties
  • All Bank Accounts
• Tenant & Owner Balances - Review for accuracy
• Reconcile bank accounts
• Pull Balance Sheet reports to make sure accounts balance. (Balance should = Properties + Owners)
• All Properties
• Bank Accounts
• Owners (if applicable)
  
  Note: To save time and keep financial records accurate it is highly recommended to perform 3-Way reconciliations monthly on operating and deposit accounts.

• Confirm that you’ve done all 12 months 3-Way reconciliations

• Send out any required statements. If you file 1099s electronically through Rentec Direct, copies of 1099s are sent out for you
• Owners - Send Owners Year to Date Statements
• Vendors, the vendor ledger report can be provided
• Tenants - If you are required to provide tenants with ledger reports, pull the multi-tenant ledger report per property

  Notes: 

• Bank balance should equal Property and Owners combined. If tenant security deposits are held in a separate bank account, they should be reconciled separately OR included in the bank total on the balance sheet.
• Trial Balance B report should match owner ledger balance plus security deposits held

Forecasting

This is a great time to review any required or internal updates to policies, procedures or requirements.

Common considerations include:

• Update your Business Plan to meet your business goals
• Review upcoming trends or changes in rates or fees
• Review new laws in your area
• Review any upcoming large expenses, such as remodels or improvements and create a budget
• Make a Marketing Plan
• Internal Policies and Procedures
• Updating lease or rental agreements
  • Pet policy
  • Renters Insurance
  • Change in rate
• Updating Management Agreements
• New services 
  • Tenant lead management
    • Tenant Turner
    • ShowMojo

HELPFUL LINKS:

• Audit Assistance Tools
• Nelco’s Previous 1099 Webinar
• Bank Account Reconciliation
• Bank Sync
  • Automatic Bank Sync
  • Manual Bank Sync
• Transaction History Audit Log

Your Rentec Direct Client SuccessTeam is here to help.

1-800-881-5139 ext 2 success@rentecdirect.com