We’ve released updates to improve the trust accounting and reporting within Rentec Direct. These updates make it easier to comply with trust accounting laws by providing three-way-reconciliation between trial balance reports, bank reconciliation reports, and your general ledger reports. Changes introduced to the system include:
- Deposit tickets now have unique sequential IDs per account. If you have multiple bank accounts within the system each bank account will automatically increment the deposit slip ids within the account. Deposit IDs will display on the deposit ticket, on all affiliated ledger reports, and on the tenant deposit report.
- Property Manager Payment reports now show the check number and category (as recommended by the North Carolina Real Estate Commission).
- New Trial Balance report which is organized by Owner. This report will give you the current balances of all properties affiliated with the owner and all affiliated security deposits. Some states require that security deposits be affiliated with owners, even though the deposit may not belong to the owner (security deposits are typically a financial transaction between the tenant and the property manager only).
- The tenant deposit ledger report now identifies the property and affiliated owner.
- For states that require security deposits to be aggregated with the owner funds, there is also a new advanced option to show security deposit entries on owner ledger reports. Enable this setting at Settings, Program Defaults, then click “got to advanced settings” in the upper right.
With these new improvements you can easily do 3-way reconciliation via your trial balance, ledgers, and reconciliation. Deposit IDs and Check IDs will now show on each report for each cross-reference and/or error location.
These updates ensure compatibility with even the most strict state reporting requirements for trust accounting.