Property Fields Delete Owner
Owner Tab Accounting & Distribution Tab Statements &Checks Tab
How to PDF document #239 - Set up a property
This profile defines a property and sets the rules for how the property’s financial transactions will be recorded and processed. A property can be owned by one or more owners. Each owner must have an owner profile defined.
Each profile must have a Record ID consisting of an ID (short description) field and a Long Description field, which uniquely identifies that profile record.
There are three situations under which you should consider setting up a property.
•
|
When there is more than one owner for a unit or group of units with each receiving a 1099.
|
•
|
When an owner’s portfolio consists of more than one multi-unit property
|
•
|
When an owner wants full, separate financial accounting for each unit, i.e. a separate set of books per unit.
|
It is not necessary to set up a property when only single family units are involved. In those cases where there is one owner, the unit financial transactions are recorded in the owner ledger. See Properties vs Separate Owner ID’s before making any decisions on setting up properties.
A line item in the Partners block is filled in for each owner. Entries consist of the owner name, number of shares held, and statement type. Additional owner line items are created when you tab through the existing line item or click into the open area below the shares field.
The property profile contains the same fields pertaining to distribution of surplus funds, accounting methods and statement style that are found in an owner profile.
Categories assigned on the Categories tab let you add flexibility to the reporting and tracking functionality. The Documentation tab provides a means for attaching and cataloging pictures and documents to a profile.
|