How to generate a General Ledger in RentPackage, automatically summarizing rent and property accounts

Still manually entering rent transactions into Excel for reconciliation? RentPackage has a built-in double-entry bookkeeping engine that automatically accumulates accounting entries as you collect rent and maintain accounts. To view the ledger, select the period and press a button for an instantly balanced General Ledger—no accounting background or manual summation needed.

1. What is a General Ledger?

The General Ledger summarizes all transactions for a given period by accounting category (assets, liabilities, equity, income, expenses), presenting debit totals, credit totals, and balances for each category. It forms the basis of the Income Statement and Balance Sheet, and is often requested during audits. When reporting to accountants, landlords, or tax authorities, this report is your draft.

2. Data sources for the report

The figures in the General Ledger come from two sources, automatically merged and calculated:

• Periodically generated entries: After contract creation, the system automatically generates entries for rent, deposits, management fees, etc., according to the billing cycle. Corresponding entries are completed upon payment, requiring no manual bookkeeping.
• Manual Entry: For transactions outside the billing cycle (e.g., repair fees, opening balance transfers, owner distributions), use the manual entry feature. Refer to: Manual Entry Tutorial

3. Generating the General Ledger

Step 1: Access the Reports Page

Go to the left menu and click "Reports" → "Reports".

Step 2: Set Report Parameters

• Report Type: Select "General Ledger".
• Property/Owner/Company: Choose the entity to query. One account can generate separate reports for different owners, ensuring no mix-up in accounts, which is crucial for management agents.
• Report Period: Select the date range for the query, e.g., 2026/01/01 – 2026/07/24.
• Accounting Basis:
  • Cash Basis: Recognized on actual payment date; income is recorded when money is received. Suitable for individual landlords and small-scale filings.
  • Accrual Basis: Recognized on accounts receivable date; income is recorded when rent is due, regardless of receipt. Suitable for companies needing formal financial statements.

After setting, click Generate Report.

Step 3: Review Reports

4. How to read this report

Reports are divided into five main sections by account category, with sample numbers illustrated:

• Assets: "Trust Bank Account" balance 443,579, reflects actual fund balance during the period; "Accounts Receivable" balance 402,695, represents due but unpaid amounts; Other accounts like "Deposit Bank Account" clearly list the deposit funds separately.
• Liabilities: "Deposit" balance 577,332, "Advance Payment" balance 13,685. Deposits and advance payments are not income; they are amounts to be refunded to tenants or for future periods. The system accurately classifies these to prevent the common mistake of counting deposits as income.
• Owner's Equity: "Beginning Balance" credit 4,523, is the initial equity carried forward when the account was set up; "Owner's Distribution" refers to the amounts distributed to owners during the period, a deduction from equity shown in red. Typical rent collection and payments rarely create equity entries; this section usually derives from beginning balances, contributions, or owner's distributions. If no such entries occur during the period, it will not be displayed.
• Income: Besides "Rental Income" 222,818, various incomes like cleaning fees, water fees, internet fees, and retention deposits are separately listed by account. Income subtotal 243,849, clearly shows each income source.
• Expenses: Expenses incurred during the period such as "Company Management Fees", "Rent Expenses", "Service Fees" total debit 30,015.

5. Print and save

The print icon at the top right of the report allows direct printing or saving as PDF, eliminating the need for reformatting when sharing with accountants or owners.

6. FAQs

Why do cash and accrual figures differ?

The difference is in recognition timing. Accrual basis recognizes on the 'invoice date', counting income as rent is due. Cash basis recognizes on 'payment receipt', counting income only when funds are received. If a tenant pays late, the income for the period will differ between the two, which is normal.

Do manual entries appear in the general ledger?

Yes. Manual entries are merged together with entries auto-generated by the billing period, no extra setup required.

Can I view accounts for a single property?

Yes. Select a specific property from the 'Property/Owner/Company' dropdown, and the system will aggregate entries for only that property.