When there are multiple owners of a unit or a building, a property is set up identifying the owners and their ownership shares. To easily track monies received from owners intended for the propety, you may want to receive the contribution to the owner ledger and then transfer it to the property. The alternative and simpler posting is to receive the contribution directly into the property as a ledger receipt.
If you want a record of the payment in the owner ledger
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Enter the receipt in AR, Ledger Receipt and select the owner in the Ledger field.
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Go to GL, Journal Transfer, decrease the owner’s ledger and increase the property ledger for the amount using a Transfer to Property account code..
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If you do not need a record of the payment in the owner ledger
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Enter the receipt in AR, Ledger Receipt and select the property in the Ledger field.
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