Transfer Funds Between Properties

At times, you might find it necessary to move the cash flow from one property to pay for an expense on another property in the portfolio. 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. 

Owner Contributions | Multiple Properties

You have a choice between two methods. Option 1 automates the process when using the Owner Payment Wizard for owner distributions. Option 2 is to manually post the movement of funds. 

Note: An Owner Contribution and Owner Disbursement category will need to be created. Instructions for creating these categories can be found here:  Owner Contributions     Setting Up Categories | Chart of Accounts

Choose the Default Owner Contribution Category

Before processing the first transfer, the Default Owner Disbursement and Default Owner Contribution will need to be indicated. 

In your Rentec Direct account: 

1. Click on Settings
2. Click on Accounting Defaults under Financial
3. Choose the Default owner contribution and Default owner disbursement categories from the drop-down menu
4. Save Changes

Now that you're default categories have been selected, choose one of the options below to transfer funds. 

Option 1: Post an Owner Contribution During a Disbursement

1. Click on Owners
2. Click Pay All Owners 
3. Click the Box next to the owner
4. Click the dropdown Arrow to display all properties for that owner 
5. 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 (posts a transaction) to the property with the negative balance so make sure to include any reserve indicated
      
   
   
6. Proceed with any other owner disbursement changes
   1. If you are new to owner contributions, more information is available here: Owner Contributions
   2. Additionally, information on owner disbursements can be found here: Pay Owner Disbursements
7. Pay Owners

Tip: If only one owner is being paid, you can right-click next to the Owner and select Pay Owner

Option 2: Manually Post Transactions to Show Movement of Funds Between Properties

The following steps will walk you through manually posting the two-steps to transfer funds between properties.

Step One -- Transfer Funds Out of a Property Ledger

To reflect the transferring of funds from one property ledger to another, you first need to transfer funds out of a property ledger that has a positive cash flow. 

1. Click Properties
2. Right-click on the Property that has the positive cash flow you wish to transfer and choose Post Expense from the menu
3. Post an expense transaction for the amount you wish to transfer, using the Owner Disbursement category
4. If you will be moving actual funds from one bank account to another, select the appropriate account the funds are to be pulled from in the Bank Account drop-down menu. Otherwise, leave the bank account as NONE if no physical funds will be moved out of an actual bank account 
5. In the Memo portion of the transaction, you can indicate which property is receiving the transfer
6. Click Post Expense when finished