Change of Ownership

How do I change an owner on a unit? (Trust Accounting) 

How do I change an owner on a unit?  This can be applied if you are using Trust Accounting. 

• Go to the unit, under Owner details tab click on Assign new owner

• Select new owner (or use the add new owner button)

• Enter ownership split, if applies

• Enter Owner Commission split percentages for new owner of unit

  • Enter percentage in white box under Owner % for (Short Term) and (Long Term)

• Enter Sale Date

• All transactions under the current owner will be selected by default and will be transferred to the new owner (You can unselect them if you do not wish to transfer them to the new owner)

• Selecting Renting or Non renting

• Expire Documents of Previous Owners is selected by default. This pertains to documents attached to the owner only.  Unit documents will stay unless deleted.

• Select Submit

If a future reservation has disbursed, the commission will need to be manually updated on those reservations.

At end of month run your Expired Owners with Balances Report 

1. Go to Accounting>Generate Expired Owner Statements

2. Enter the Date range

3. Enter a Unit

4. Select the Owner

5. Select Generate Expired Owner Statement

Do not forget if you already generated owner statements for the month, delete the statements and then regenerate the new statements for the old and the new owners. 

Generate your normal owner statements, and then an expired statement for your expired owners with balances

Validate that the statements look the way you want and if they don’t:

1. Go to Tools->Property Definitions>Vacation Rentals>Unit>Edit Pencil

2. Owner >Owner Balance

3. Switch between owning records at the top

4. Edit the owner transactions

5. Change the owning record on them and update the date, if needed

6. You cannot assign something to an owner if it exists prior to their owning start date

Best practice is to run daily disbursements when there is an ownership change

If you need to assign something to a new owner that was dated prior to the owning record, then you can:

      1. Go to Accounting> Post an Owner Charge

      2. Select the transaction codes for transfer to new owner and transfer from old owner

      3. Complete the remaining steps

      4. Submit Process