Currently, Rentec’s program allows you the option to set management fees to automatically post as an expense to a property each month. This expense does NOT incorporate the default expense account into the transaction as most customers do not actually cut a check out of their operating account for this expense, it simply is withheld ..
If you need to make an owner contribution(deposit) to their property for additional expenses, here is the steps you can follow: If you haven’t already set up a category for owner contributions. This is what you would want to do first 1. Set up a new category under Settings/Setup Categories 2. When “adding a new ..
For instructions of how Tenant Deposits work within Rentec, follow this link. If you are using one bank account within Rentec for all of your transactions – rent collections, tenant security deposits and property expenses – you will want to follow the steps below to ensure your ledgers reflect security deposit transactions correctly. (If you ..
If you are paying for property expenses with a credit card, and you want to track those expenses, the process is very simple. First, head to your Settings tab and then select “Manage Vendors.” Then you will click on “add new vendor.” Now that you have added in your credit card as a vendor, ..
Within Rentec, you are able to track multiple bank accounts. Should you need to transfer funds between bank accounts in the program, first be sure both accounts are established accounts in the program. To add new accounts, click on the Accounts tab, click on “Add new Account” in the lower left. To transfer funds, follow ..
As a management company, if you typically mark-up vendor charges when posting expenses to a property, you can handle your documentation in Rentec. For example, say you receive a $90 invoice for plumbing work from ABC Plumbing. Your policy is to mark-up each invoice by $10. To reflect this scenario in Rentec, we recommend you ..
Within Rentec PM, an owner can be assigned to each property. By doing so, you will be able grant access to the owner portal, offer a custom Owner Statement and view a status of an owner’s ledger. If the property you manage has more than one owner, there are ways to document the multiple entities ..
If your tenant’s late fees did not post this month, explore the reasons below… REASON #1 During a tenant’s first month in Rentec, late fees will not auto-populate. Late fees will only auto-populate in subsequent months. If your tenant is late during their first month, you will want to post a late charge manually. ..
At times you might find it necessary to “move” the cash flow from one property to pay for another’s expense when both properties are owned by the same owner entity. To reflect the transferring of funds from one property ledger to another, follow the steps below: 1. Create a custom “other” category for this transaction. ..
If you have a property that accepts Section 8 rent payments as part of the total monthly rent for a property, Rentec’s program offers an easy way to track both the charges and income received separate from your tenant’s. The first part of the set-up requires you define a new income category. To do so, ..