Owner Contribution | Multiple Properties (Legacy)
This help article contains instructions for the Legacy Version of Rentec Direct. More information about the latest version of Rentec Direct can be found here: The Remodel | Rentec Direct’s Newest Software Update
When managing a portfolio of properties for an owner there may be occasions when one property needs an owner contribution to cover a negative balance. A streamlined system is available for providing owner contributions to properties with a negative balance as you process your standard owner distribution.
If you are new to owner contributions, more information is available here: Owner Contributions
Additionally, information on owner disbursements can be found here: Pay Owner Disbursements (Owner Distribution)
Owner Contributions for Multi-Property Owners
Instead of asking an owner to mail a check to cover a negative property balance, these instructions are designed to allow the system to offset that negative balance by transferring funds from a property ledger within their portfolio with a positive balance.
Choose the Default Owner Contribution Category
Before processing the first transfer you will need to choose a default owner contribution category for this type of transaction.
In your Rentec Direct account:
- Verify you have an owner contribution category created.
Instructions for creating new categories can be found here: Setting Up Categories (Chart of Accounts). - Then proceed to Settings.
- Click Accounting Defaults.
- Choose the Default owner contribution category.
- Click the Save button.
Post an Owner Contribution During a Disbursement
In this process, while creating a payment for an owner with multiple properties, funds can be transferred from a property with a positive balance to cover the negative balance on another property.
In your Rentec Direct account:
- Click on Accounts.
- Click the Pay All Owners option.
- Click the checkbox to choose the owner.
- Click the blue arrow to display all properties for that owner.
- In the Amount Due column, enter a negative dollar amount on the property line with the negative balance.
Note : The amount you enter will be deducted from the positive amount available and transfers that amount to the property with the negative balance.
- Proceed with any other owner disbursement changes.
- If you are new to owner contributions, more information is available here: Owner Contributions
- Additionally, information on owner disbursements can be found here: Pay Owner Disbursements (Owner Distribution)
- Click the Submit Payments button when ready to process.
Tip: For a real-world example, check out this Rentec Direct blog article here: Simplified Owner Contributions for Owners with Multiple Properties