Archive, Reactivate, or Delete a Bank Account

All active bank accounts are located on the Account List, under the Banking tab. If bank accounts listed in Rentec Direct property management software are no longer being used, they can be archived to remove it from the list and transactions will be preserved. Archived bank accounts can also be re-activated. 

System Notes:

• To secure financial transactions and history, bank accounts cannot be deleted
  
• If the bank account is set up with a merchant account, you will want to either
  • Close the merchant account or
  • Change banks being used for the merchant account
    
    The following link to the knowledgebase provides helpful information for changes to merchant accounts Merchant Account Support Reference Guide | CSG Forte
• Review properties income and expense accounts to ensure future transactions are routed to the correct bank account ledger. The following link to the knowledgebase walks through how to edit property Edit Tenants, Properties, Banking and Owners

Archiving Bank Accounts

After reviewing system notes above and making any needed changes, the following steps walk through how to archive a bank account.

In your Rentec Direct account: 

1. Click on Banking
2. Right-click on the bank and choose Archive Bank from the drop-down menu
3. You'll be presented with these alerts:
   1. Clarifying that you are about to archive the bank account
   2. An alert if the bank is set up with a merchant account with a link to request the merchant account be closed
      1. Review if Rental payments are scheduled 
   3. If there are recurring transactions associated with the bank account, choose the account you would like to move the transactions to so there is no interruption.
   4. Archive Account when all alerts have been addressed
      

      

4. Click on Archive Account when all alerts have been addressed

System Notes:

• The reference (Archived) will be indicated in the Bank field of transactions linked to an archived bank account
• Transactions posted can be edited and deleted

After a bank account has been archived, it will stay in the banking archives and all financial transactions documented to the ledger will still be available. From the archived bank list, you also have the option to re-activate a bank account.

In your Rentec Direct account: 

1. Click on Banking
2. Under Banking, click on Archives
3. Right-click on the archived bank account and click on Re-Activate

Deleting Bank Accounts

To preserve account integrity, bank accounts cannot be deleted. 

If there are transactions posted to a bank account in error, the transactions can be edited to change the bank account the transactions are linked to by following the steps outlined in Edit, Correct, or Delete Transactions