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 the steps below:
1. Head to the Settings tab, select Setup Categories and in the lower left, click on “Add New Category.” You will want to create a custom “other” category for transfer transactions and give it a name that makes sense to you, such as “transfer funds between accounts.”
Once you have created this new category, you will be able to move funds from one bank account to another simply by posting two transactions (One Income transaction/One Expense transaction) in the property this transfer relates to.
2. Now, click on your Property tab and post an expense transaction to the property for the amount you wish to transfer. Be sure to select the appropriate account the funds are to be pulled from and choose the newly created “other” category. In the Payee portion of the transaction, indicate the account you are transferring the funds to.
3. Next, post an income transaction to the property for the amount you are transferring. Select the appropriate account the funds are to be deposited into and choose the newly created “other” category. In the Description area of the transaction, indicate the account you are transferring the funds from.