Rentec Direct introduces a new split journal entry feature to its full property accounting software. This user-friendly feature is designed to simplify complex transactions, ensure accurate financial records, and make reconciling a breeze.
Accurate accounting is the cornerstone of successful property management, but can often seem complex and confusing. Your Rentec Direct Development Team also understands and is always working on ways to make your life easier and simplify your accounting tasks.
With the New Split Journal Entry option, Rentec Direct helps to streamline your financial management. This latest enhancement rounds out your full accounting features, simplifying journal entries and reconciliation, and ensuring you have all the tools you need for successful property management.
What is a Split Journal Entry?
A journal entry in accounting is a formal record of a financial transaction in your accounting system, showing the transfer of value from one account to another, but typically not associated with a physical transfer of funds. It shows the affected accounts, the amounts debited and credited, and often a brief description of the transaction.
A split journal entry is the same, but composed of multiple simultaneous transfers between accounts. For example, you might transfer $1,000 from an Asset account to a Liability account, but want it displayed as two separate $500 transactions on the respective registers. You can do this quickly with a split journal entry.
Key Benefits of Split Journal Entries:
- Effortless Entry: Easily enter journal entries into asset, liability, and equity accounts that impact multiple components
- Accurate Records: Debit and credit entries are recorded simultaneously to ensure accuracy and compliance with double-entry accounting standards
- Simplified Editing: Each component is treated like its own journal entry on the ledger, but grouped together for editing purposes.
- Streamlined Record-Keeping: Manage multiple related entries as a single group for a simpler workflow.
- Enhanced Reports: Ledgers and reports will display transactions that are part of a Journal Entry
Want to learn more? Click here to learn more about Journal Entries
How to Use Split Journal Entries in Rentec Direct
Rentec Direct’s user-friendly design makes even tricky journal entries easy. With automatic math, the ability to split transactions, and seamless connections to the rest of the software, you can handle complex financial tasks with ease and confidence.
The following steps will guide you through entering a Split Journal Entry:
In your Rentec Direct account:
- Click on Banking
- Click on Chart of Accounts
- Click on an Asset, Liability, or Equity account
- Click on Journal Entry
- Enter the Date and a Memo
- Use the dropdowns to select the Debit Account (funds were moved out of) and the Credit Account (funds were moved into)
- Enter the Amount and +Add Line Item as needed for additional lines
- Click on Save Changes when done
Final Thoughts
Split Journal entries with simplified data entry is another time-saving feature of Rentec Direct, designed to free up your time for other activities like hobbies, traveling, or focusing on building your business, relieving you from the stress of managing complex financial tasks.
Learn more about Assets, Liability, and Equity Accounting with Rentec Direct
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Suggest a Feature
Our goal is always to make your tasks as a landlord, property manager, or investor simpler, quicker, and more efficient. One of the ways we accomplish this is by reviewing valuable feedback and input from our awesome clients. If there is anything you would like to see added to enhance your Rentec Direct experience, please send your ideas and suggestions to success@rentecdirect.com and help us shape the future of Rentec Direct.
About Rentec Direct
Rentec Direct provides industry-leading property management software and tenant screening solutions for real estate professionals. Key features include online rent payments, a mobile app and tenant portal, vacancy listing syndication, and accounting tools. Founded in 2007, Rentec Direct is the third-largest software in its sector and is consistently the highest-rated by investors, landlords, and property managers. Recognized on the Inc. 5000 list of fastest-growing private companies for eight consecutive years, Rentec Direct was also named Real Estate Company of the Year in the 2024 American Business Awards and listed among the U.S. Chamber of Commerce’s Top 100 Small Businesses. www.rentecdirect.com
