Undeposited Funds & Bank Deposits

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Rentec Direct has full support for managing your undeposited funds and giving you a flexible interface to deposit the transactions into your bank accounts. Follow these simple steps:

1. First, open the Accounts tab. If you have not enabled the Accounts tab, you can do so in Settings, Accounting Defaults, Show Accounts Tab. The first account listed will be ‘Undeposited Funds’. Undeposited funds means “money which you have received (cash or checks) that have not yet been deposited into a bank account”. All undeposited funds should show within this account after following these directions.

Next create or edit your existing bank accounts. For the deposit slips to be useful to you and the bank, all information asked for within the edit account screen should be provided including full routing and account number. If you need help with these numbers, please contact your bank. They will always know them.

2. At this time you may want to edit each of your properties, and set their default account to ‘Undeposited Funds’. This will ensure as you receive funds they book into the Undeposited Funds account instead of any other. If you choose to skip this step, you will want to select in the Account dropdown the Undeposited Funds account each time you receive funds.

3. When receiving a tenant payment or income for a property, be sure the Account is selected to be ‘Undeposited Funds’. If you followed step 2, this should already be selected. If not, Undeposited Funds can be found in the dropdown Account menu.

4. When you wish to make a bank deposit, click the Accounts tab, and then click the balance of the Undeposited Funds account. Also, your Summary screen will always inform you if there are current funds in the Undeposited Funds account with quick links to view balance details or make a deposit from there.

Once you enter the Undeposited Funds account, click Make Deposit.

5. Within the make deposit window, select the bank account you are making a deposit into, then select all transactions you want to make a deposit entry/slip for. The system will automatically total them as you select. When done, click the Post Deposit button.

6. You will be shown a summary of your deposit with two options. The first option ‘Print Deposit Slip’ prints a deposit slip and brief summary of all transactions. This is useful for placing in your envelope that goes to the bank. Most banks accept a printed deposit slip; however, for them to be able to automatically scan your account number you will want to use magnetic toner in a laser printer. The ‘Show Summary’ report gives you a complete view of all transactions within the deposit for your own records.

7. At any time, you can review past deposits by visiting the ‘Undeposited Funds’ account, and choosing ‘View Deposits’.

If any mistakes are made when making deposits, click here to learn how to fix bank deposit errors.