Often times, bookkeepers find that the ending balance in the bank register in Rent Manager is different than the bank ending balance on the corresponding Balance Sheet.
On each transaction in Rent Manager, you need to enter the property code. This code is used to assign any given transaction to the appropriate property. For example, if you are using property code 321 it will show on on the Profit & Loss for 321 Main Street and when you use code 87 it will show up on the Profit & Loss for 87 Anystreet and so forth. The issue of the mismatch will arise when the wrong property was entered for a transaction – the property used did not match the associated bank account. In our example, you are writing a check from 87 Anystreet bank account however, on the check you used properly code 321 which belongs to 321 Main Street. The effect of this will be your bank balance will still be accurate, however, your Profit & Loss and Balance Sheets will not be accurate and will not show the correct balance. It is important that you make sure to use the right code.
How to troubleshoot
Luckily, we have found a hack that will allow you to quickly identify the incorrect transaction that is causing the discrepancy. Follow the below instructions:
1. Run a Balance Sheet report for all properties – excluding the property with which you have identified the issue.
2. If you see the bank account for the excluded property still listed – you’ve isolated the issue!
3. Select that bank account and review the transaction(s) in the account.
4. Update the transaction to reflect the correct property and save changes.
5. Check that the issue has been resolved by refreshing the bank register and balance sheet.
Any follow-up questions? Do you have any other useful rent manager tricks? Please post in the comment section below.
If you have any other rent manager questions feel free to reach out to us.