Rentec Direct Full Accounting Options

Rentec Direct is excited to share an upcoming new feature that will be launching soon: new full accounting options. This feature update will include assets, liabilities, and equity tracking, plus a true balance sheet, which eliminates duplicate data entry and the need to work in multiple accounting platforms. All Pro and PM clients will receive these updates at no extra cost, enhancing property management efficiency.

Say hello to streamlined full accounting and goodbye to duplicate data entry with the new assets and liabilities product updates in your Rentec Direct account. Upcoming enhancements to accounting features, chart of accounts, true balance sheet, and profit and loss reports will provide Rentec Direct clients with full property management accounting software, allowing you to manage and view the financial health of your investment portfolio. 

The new accounting features are scheduled to go live Q3 2024. All Rentec Direct Pro and PM clients will automatically have access to the updated accounting features at no additional cost. 

The new accounting feature includes updates to the Chart of Accounts to support full accounting for property managers and landlords. A Chart of Accounts (CofA) is an organizational tool used for indexing all financial transactions by category in a company’s general ledger. Rentec Direct currently offers income and expense categories for the Chart of Accounts, and this update will expand upon that by adding the remaining account types (Assets, Liabilities, and Equity).

Benefits of Full Accounting Options: Assets, Liabilities, and Equity with True Balance Sheets

  1. The new enhanced accounting options will include the following types of categories to your Chart of Accounts:
    1. Assets
    2. Liabilities
    3. Equity
  2. Eliminate the need to work in multiple accounting platforms, like QuickBooks, and spend less time on duplicate data entry
  3. Access two new accounting reports:
    1. True Balance Sheet which allows you to view the financial health of your complete investment portfolio including all of your assets, liabilities, and equity as of a certain date
    2. Lost Transaction Report allows you to search all financial transactions that have not been applied to an account. The Lost Transaction Report will help you find transactions that may cause reconciliation issues.
  4. It will be easier to manage security deposits by using multiple liability accounts, or use the new “Transfer to Owner” feature to easily transfer a security deposit to the property owner.
  5. A new strict accounting option that will help guide you and your employees to always enter complete records to help ensure there are no accounting discrepancies or reconciliation errors.

Pro Tip: Rentec Direct will automatically create a default chart of accounts with the most common account types used in property management.  If you work with a CPA or accountant for your rental property accounting, check with them to learn which categories will be most beneficial. 

Look for the New Accounting Features product announcement under System Updates on the Summary page of your software for when the feature goes live. If you’ve subscribed to the Rentec Direct Blog, you’ll get an email notifying you about the update.  

Have Questions? Connect with your Rentec Direct Success Team at 800-881-5139, by email at success@rentecdirect.com, or in-app click on Live Expert Help to chat with Success or search the knowledgebase.

Final Thoughts

Our goal is always to make landlords’ and property managers’ tasks simpler, quicker, and more efficient. One way we accomplish this is by listening to you and your feature requests. If there is anything you would like to see added to enhance your Rentec Direct experience, please send your ideas and suggestions to success@rentecdirect.com. 

Rentec Direct is an award-winning property management software serving landlords and property managers across the United States. Features include online rent payments, tenant and owner portals, one of the industry’s largest vacancy listing syndication networks, full property, tenant, and owner accounting, 1099-MISC reporting and more. Rentec Direct was recognized as Real Estate Company of the Year in the 2024 American Business Awards®, and was named the Most Customer Friendly Companies of the Year in the 2023 Best in Biz Awards, has been named to the Inc. 5000 List of Fastest-Growing Private Companies for seven years in a row. www.rentecdirect.com