{"id":13435,"date":"2020-06-16T14:43:02","date_gmt":"2020-06-16T21:43:02","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=13435"},"modified":"2020-06-17T07:31:32","modified_gmt":"2020-06-17T14:31:32","slug":"customize-advanced-settings-for-accounting-and-reconciliations","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/customize-advanced-settings-for-accounting-and-reconciliations\/","title":{"rendered":"Customize Advanced Settings for Accounting and Reconciliations"},"content":{"rendered":"

\"Customize<\/p>\n

The Rentec Direct development team works hard to meet your needs and often adds additional setting options that can save you valuable time and make your job easier.\u00a0<\/span><\/p>\n

This article will highlight some new Advanced Settings and how they function so you can get the most out of your software investment.<\/span><\/p>\n

Return Tenant ACH Transaction to Zero Option<\/span><\/h2>\n

If you accept online rental payments and reconcile your accounts within your Rentec Direct property management software, you might be thrilled about this new option.\u00a0<\/span><\/p>\n

Previously, if a rent payment was returned as an NSF or chargeback, the software would zero out the transaction. If someone wanted to see both the received payment and the return on a ledger or report to match during reconciliations, they would need to manually add those to the system.\u00a0\u00a0<\/span><\/p>\n

Now, you have the option to allow the software to automatically post the return of a tenant payment as a negative transaction to offset the original. The end result is still a zero-sum but the individual transactions can be matched easily using the reconciliation tool without any manual input needed.\u00a0<\/span><\/p>\n

When this negative transaction is posted it will have the original payment date and provides a reason for the return.<\/span><\/p>\n

\"Returned

Set Advanced Settings option to ‘No’ will allow the system to create a negative transaction when a tenant payment returns for NSF or chargeback instead of the default; which is to zero out the original transaction.<\/p><\/div>\n

For current clients, If you wish to continue to have returned tenant ACH transactions (NSFs and chargebacks) zero out as they have, there is nothing you need to do as it will continue to function in that manner.\u00a0<\/span><\/p>\n

However, if you wish to switch to the new option head on over to the Advanced Settings (see instructions below) and set that option to \u2018No\u2019. Because of the time-savings it provides, all new clients will have this default to \u2018No\u2019.\u00a0<\/span><\/p>\n

Default Settlement Days\u00a0<\/span><\/h2>\n

Three additional Advanced Settings have been added to help you with reconciliations and bookkeeping. You can now customize the number of days for your ACH, Credit Card, and Cash Network payment settlement reports.\u00a0<\/span><\/p>\n

The default number of days it takes for payments to be deposited into your bank for these settlement reports are set to match most Tier 1 banks as they deposit the quickest. However, if you use a credit union, smaller bank, or upgraded with Forte to same day funding, you might need to modify these settlement day options at the bottom of the Advanced Settings page.\u00a0\u00a0<\/span><\/p>\n

\"Default

Adjust the default Advanced Settings settlement days as needed to match the deposit timing for your financial institution.<\/p><\/div>\n

Other Report Advanced Settings<\/span><\/h2>\n

When pulling reports for bookkeeping and reconciliation purposes, you may want to review and adjust a few other Advanced Settings to make your job easier. Here are a few items you may wish to enable\/disable:\u00a0\u00a0<\/span><\/p>\n