Accounting Setting

This article will go over all the sections in the Accounting Global Settings

This article explains all sections and fields of the Accounting Global Settings to help you understand your options.

Click your initials at the top right and click 'Settings' > and Click 'Accounting Settings'

Quick View Guide

General

Retained Earnings Account - This is the Chart of Account that will be used for Retained Earnings
Account Basis Type - This is the basis type of the funds, this can either be Cash or Accrual
Accounts Receivable - This is the Chart of Account that will be used for Accounts Receivable
Accounts Payable - This is the Chart of Account that will be used for Accounts Payable
Default Bank Account - This is the Bank Account being used when paying bills or creating a receipt, unless you explicitly change the bank account when creating these transactions
Accounting Period Start Day - This is for Owner Statements being created in Rentvine. Selecting a date here will adjust when the owner Statements start.
Is Vendor Insurance Required For Payment - This allows you to toggle if the vendor requires insurance before receiving payment
Convenience Fee Account - This is the Chart of Account that will be used for the Convenience Fee
Convenience Fee Amount - This is the amount that is being charged to the user for the convenience fee

This will not retroactively adjust Convenience Fee charges that have been already created before this change

Prorate Settings - This will adjust how the prorate calculator and the prorate charges are created.
- Actual Days in a Month - The prorate options will be calculated by actual days in a month, for example, February will show 28 days
- 30 Day Month - The prorate options will be calculated by 30 days
- Annual (Actual Days) - The prorate options will be calculated by the annual days in the current year
Is Payout Approved By Default - This toggle will allow you if the payout batch being created will automatically be approved during the creation, or if you would like to leave it in a pending status and approve this at a later time
Is Two-Factor Required for Payout Approval - This toggle allows you to turn on and off the 2FA code you receive when attempting to approve a payout batch.

Two-factor authentication (2FA) on approval of payment batches adds an extra layer of security to your account. In addition to your password, it requires a second form of verification—often a code sent to your phone or email. This means even if someone discovers your password, they cannot approve payments without also having access to your second verification method. Activating 2FA significantly reduces the risk of unauthorized payments

Check Line Item Order - This will be the line item order for printed checks
Is Positive Pay Type Enabled - Allows you to toggle on or off the 'Type' column in the Positive Pay menu to show Issued (I) or Voided (V)

For the Retained Earnings Account, Account Basis Type, Accounts Receivable, Accounts Payable, and Convenience Fee Account options. This is all done for you during onboarding with Rentvine and this should not need to be adjusted. Please contact Rentvine Support if you are considering changing this and how it can affect your future accounting.

Lease

Rent Income Account - This is the default Chart of Account that will be used for Rent Income
Prepay Account - This is the default Chart of Account that will be used for Prepayments
Unallocated Credit Account - This is the default Chart of Account that will be used for Unallocated Credits
Late Fee Account - This is the default Chart of Account that will be used for Late Fees
Default Late Fee Setting - This is the default late fee setting that will be attached to the new leases created
Auto Charge Late Fees - This toggle allows informs the software if you would like to auto-charge tenants if they are behind on payments.
Security Deposit Account - This is the default Chart of Account that will be used for Security Deposit charges
Security Deposit Release Account - This is the default Chart of Account that will be used for Security Deposit Release transactions
Owner-Held Security Deposit Account - This is the default Chart of Account that will be used for Owner Held Security Deposit transactions
NSF Funds Account - This is the default Chart of Account that will be used for Non-Sufficient Funds (NSF) charges
eCheck (ACH) Payments Disabled - This toggle allows you to globally disable the eCheck(ACH) payment option for all Tenants
Credit Card Payments Disabled - This toggle allows you to globally disable the Credit/Debit Card payment option for all Tenants
Allowed Payment Amount - This informs the system of the default payment amount setting for leases
- Any Amount - This allows the tenant to make either partial amounts or surplus amounts for lease payments
- Full Amount Only - This allows the tenants to only make the exact amount owed on their lease.
NSF Fee Amount - This is how much the tenant is charged when their payment bounces back with NSF

This will not retroactively adjust NSF charges that have been already created before this change

NSF Fee Auto Charged - This toggle allows inform the software if you would like to auto-charge tenants if their payment bounces back for NSF.
Auto Lock Tenant Portal Payments On Return - This tells the system if you would like to lock the tenant out of portal payments after a certain number of NSFs have occurred on their lease
- Number of Returns Necessary to Lock the Portal - This is the exact number the software counts until it locks the tenants out of their portal
- Require Certified Funds when Locking the Portal - This will present a red banner when the tenant attempts to pay stating 'Certified Funds are required to make a payment'. This can be either cash, a cashier's check, etc.

For the Rent Income Account, Prepay Account, Unallocated Credit Account, Late Fee Account, Concession Account, Security Deposit Account/Owner-Held Security Deposit Account, and NSF Funds Account options. This is all done for you during onboarding with Rentvine and this should not need to be adjusted. Please contact Rentvine Support if you are considering changing this and how it can affect your future accounting.

Portfolio

Owner Distribution Account - This is the default Chart of Account that will be used for Owner Distribution transactions
Owner Contribution Account - This is the default Chart of Account that will be used for Owner Contribution transactions
Default Posting Setting - This is the default Posting Setting used when a portfolio is created
Default Statement Setting - This is the default Statement Setting used when a portfolio is created
Default Minimum Distribution Amount - This is the Minimum Distribution Amount when paying owners
Default Maximum Distribution Amount - This is the Maximum Distribution Amount when paying owners
Default Maintenance Limit Amount - This is the Maintenance Limit amount used when a portfolio is created
Default Overdraft Override Amount - This is the Overdraft Override Amount used when a portfolio is created
Default Property Reserve Amount - This is the Property Reserve Amount when a portfolio is created
eCheck (ACH) Payments Disabled - This toggle allows you to globally disable the eCheck(ACH) payment option for all Owners
Credit Card Payments Disabled - This toggle allows you to globally disable the Credit/Debit Card payment option for all Owners

Billing

Bill Approval Enabled - This allows another layer of security if another user is needed to approval a bill before fully created
Discounts Enabled - This toggle allows you to enable the discounts field for billing
Discount Expense Account - This is the default Chart of Account that will be used for Discount transactions
Markups Enabled - This toggle allows you to enable the markup field for billing
Markup Expense Account - This is the default Chart of Account that will be used for Markup transactions

Management

Lease Fee Expense Account - This is the default Chart of Account that will be used for Lease Fee Expense transactions
Default Management Fee Setting - This is the default Management Fee setting used for when properties are created
Management Fee Expense Account - This is the default Chart of Account that will be used for Management Fee Expense transactions
Lease Renewal Fee Expense Account - This is the default Chart of Account that will be used for Lease Renewal Fee Expense transactions

Receipt Allocations

Receipt Allocation Order Type - This is how tenant receipts will be allocate towards unpaid charges on their lease
- Oldest First - This will have the tenant receipts go towards the oldest date charge first
- Newest First - This will have the tenant receipts go towards the newest date charge first
- Account - This will have the tenant receipts go towards a specific chart of accounts first. In the example below, the tenant's receipt will go towards the Rent Income charges, and any remaining amount will go towards the late fee first.