Sometimes a deposit entry get flubbed and the best way to fix it is to just undo the entire deposit and start from scratch doing it right the first time.
Previously this process was not very intuitive and involved individually modifying each transaction. Now it’s much easier. When you are viewing your deposit you’ll now see a link labelled [undo]. Clicking this link will open up a confirmation window and when you click Undo Deposit, all the funds are removed from the deposit and placed back into your Undeposited Funds account where you can then re-do your deposit correctly.
Not currently using Rentec to manage your deposits? It can save a lot of time and keep your records straight. See our original feature post on undeposited funds and deposit support.
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!!
Rentec Direct has expanded our property management software interface to include full support for tracking all undeposited funds and making bank deposits. We put a lot of thought into making this interface to keep it simple and intuitive while being powerful enough to handle the variety of different techniques used by landlords and property managers. The end result is a brilliant and easy to use system which manages it for you, and even prints a deposit slip for making your deposit. It could not be easier!
Here is a brief run-down of how easy it is. When you are taking payments simply put them into the undeposited funds account. When you are ready to go to the bank, enter the undeposited funds account and choose Make Deposit. The system will let you select which items you wish to deposit into which account, and then print out a deposit slip for you to bring to the bank.
For existing Rentec users who want to see a complete step-by-step tutorial, click the need help link in the upper right after you are logged in. Find the FAQ item labeled ‘How do I use Rentec Direct to track undeposited funds and bank deposits?’.
