Entering Historic Transactions

It's easy to enter historical transactions when switching to Rentec Direct property management software. Whether switching from an existing software or you're new to using software, you will want to consider how you would like to manage financial transactions that occurred before starting with the new software.

Pro Tips: 

• Rentec Direct provides Full Assets, Liabilities, and Equity Accounting
• Save time, Schedule and Send Automated Reports to Owners, Managers, and/or Yourself. Create a list of Favorites from your most used reports.

Historic Data Entry Methods

When starting with Rentec Direct software, you will want to choose a date to begin tracking financial transactions. You can then enter historic transactions as of that date. There are two methods for entering historic transactions

1. The Easy Method is for those who made the switch partially through the year and may use more than one tracking system to file taxes.
2. The Complete Method is for when you made the switch partially throughout the year and want to enter historical data starting at the beginning of the year.

Easy Method

The Easy Method of managing transaction history when beginning with Rentec Direct software is to keep the information separate as of the beginning date you choose. This method will result in two sets of accounting for the year.

1. Enter the Bank Account Starting Balance per your last reconciled balance
2. Enter each Property Starting Balance (With Tenant and Bank indicated as NONE)
3. Enter each Tenant Starting Balance (With Property and Bank indicated as NONE)

System Advice: Be sure to indicate "None" in the steps above. Rentec Direct property management software offers full accounting, so transactions are automatically linked and affect other ledgers. For example, transactions posted to a tenant will also be posted to their assigned property and default bank account, resulting in duplicate financial transactions.

Complete Method

The Complete Method would be a good option if you'd rather not have two sets of accounting come tax season. 

There are two ways to accomplish the  Complete Method: 

1. If you would like to create historic reconciliation reports, have all transactions start on January 1st in your software.
   1. Enter the Bank Account Starting Balance per your reconciled balance as of December 31st 
   2. Begin posting income, charge, and expense transactions starting with January 1st on the Tenant and Property ledgers to mirror what occurred in real-life 
      
      Important Note: The reconciliation tool displays all transactions, so you can create historic reconciliation reports.