A new option has been added to the edit property screen. You can now specify separate income and expense accounts. Prior there was a single default account which defaulted for both income and expenses. With the addition of bank deposits and undeposited funds tracking it made sense to separate these since most expenses come directly from a checking account, whereas undeposited funds are handled differently.
By default, your Income account and Expense accounts are the same as you have already defined, or set to None if you have not previously set them. To update the defaults, click the Properties tab, then right-click on your property, and select Edit Property. From the drop-downs here you can specify your default income and expense accounts individually for each property.
In addition, any workorders expensed to a property will automatically also post to the default expense account for that property.
From the Rentec Team, we wish everyone a very happy new year!!
Product Update, Rentec Pro
bank accounts, default account, expense account, happy new year, income account, undeposited funds, workorders
We all have kids (or know somebody with them), and probably at one time or another we’ve rented an instrument for their band class. I’ve done the same and found none of the music instrument rental locations offer an automated payment method. The ones I’ve spoken with send an invoice monthly and ask the renter to mail back a payment.
I figure this has to be expensive for the shop. Envelope, invoice, stamp, plus return stamp and the time it may take to cash the check. What if there was an automated way? Enter Rentec Music Rental Software. We are leveraging the already powerful engine which drives Rentec’s property management software and soon making components available to other rental industries.
This will not only provide a new service to an industry desperately in need, but it will continue to help improve the core Rentec Direct product with new features and improvements that may benefit both industries. Keep an eye out for new improvements in 2010!
Off Topic
ach, automated rental, e-check, music rental software, music shop
We are pleased to announce a new feature-set to Rentec Direct. Landlords/property owners can now quickly and easily track their depreciable improvements and report on them with just a click at tax time.
To use this new feature, simply select the box that says ‘this is a depreciable improvement’ when entering an expense for a property. Alternatively if you want to track depreciable expenses without affecting the property ledger, you can do that too. Just right-click on the property, choose Depreciation, and add any items you wish. Both methods will show up on the new depreciation schedule report within the Reports tab.
For more detailed help in setting up depreciable items, click ‘need help?‘ in the upper right after logging in, and find the FAQ item listed as ‘How do I enter and track depreciable improvements? ‘.
Product Update, Rentec Pro
depreciate, depreciation, improvements, tax, taxes
We have fine tuned the bank deposit functionality a bit. When you view your Accounts which you’ve done deposits into, the bank deposits will be grouped into a single deposit to more closely follow accounting standards/practices. This also removes a fair amount of clutter from the Account view, and also gives a direct comparison to your bank statement for easy reconciliation.
From here you can click the attachment icon to view the deposit slip or deposit summary which will provide you with the granular details of the deposit.
Product Update, Rentec Pro
accounting, deposit, deposit slip
