Those located in Asia-Pacific will use the term Trust Account, where customers located in Europe will use the term Client Account. For the purpose of this article, we will refer to it as a Trust Account. For more information on regional terminology, refer to this article or contact support.
In a portfolio, every property must have an Owner Ledger set up. There are instances where Properties may need additional Ledgers related to the Property.
Create a new Owner Ledger for a Property
Open a Property > go to the Ledgers tab on the left-hand menu> select + New Owners Ledger button.
Enter details for new Owner Ledger and select Save:
- In Owner, enter the Owner Contact Name. If the owner contact has already been created, Re-Leased will search for and populate the existing Owner Contact.
If the owner contact has not yet been created, enter the owner First Name and Last Name
- Enter the Ledger Title
- Set if the ledger can be disbursed to the Owner or if Owner Statements can be generated
- Select the Payment Method
- Enter the owner contact Bank Details
- Select the desired Account for Owner Disbursement account code
- In Expenditure Limit, enter the agreed owner expenditure limit, if applicable
- Select the desired Disbursement Profiles
- Select the desired Send Owner Statement option
- Choose the desired Owner Statement format
Create a new Owner Ledger without a Property
Go to Trust Accounts > If there is more than one, select the desired Trust Account.
Select Rental Ledger balance.
Select +New Owner Ledger.
To Add / Remove Owners Ledgers select the blue button.
NB: To link the new owner ledger to a property, open the Property > Ledgers > + New Owners Ledgers.