Ledger Adjustment Transactions / Journal Entry

If you find you need to adjust a transaction within Rentec, you can easily edit a transaction and correct any details and simply save your changes.  But what if you want to have a "paper-trail" for that adjustment, in the event you have already reconciled your accounting period?  In the accounting world, the term used for this type of adjustment would be called a "journal entry."  Because Rentec Direct is geared towards making your accounting tasks simple, we have instructions for how you can accomplish this adjustment.

In our sample scenario, a property manager purchased $100 in supplies for a property.  They posted the transaction and allocated it all to Repairs (#1).  In the next month they realize that they made a mistake - some of the expense should have been allocated to painting instead.  Because they had reconciled the previous transaction (#1), they didn't want to edit the original transaction so they created an adjustment transaction (#2).  To do this, they went to the Accounts tab and created a split expense transaction and adjusted the transaction with a negative amount for the previously used category and a positive entry for the correct category.  The net affect in this example is $0, however there is now a paper-trail, per-se.  In the 3rd and 4th screenshots below, you will see how these transaction look in the financial reports.

#1 - ORIGINAL TRANSACTION


(If you prefer to just edit details, you can adjust within the original transaction and click "save changes.")

#2 - ADJUSTMENT TRANSACTION


Property Account Ledger 


Income & Expense Report  



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