An owner group sometimes referred to as a syndicate, is a group of individuals who each have a share in the ownership of a property and require the payments to be split. The same setup can be used for owners who require a part of their money paid to a secondary bank account.
Each Owner Group Member needs to be set up as a contact with the Contact Category set to Owner before they can be added to the Owner Group and assigned a share of the funds.
Set up a new Owner Group by heading to Contacts > New Contact > Select Owner Group under the Contact Category.
Before adding the Owner Group Members, ensure each owner has an individual contact. If this is not yet done, create a new contact for each owner using the Owner Contact Category.
Once the individual contacts are created, head to the Owner Group > Owner Group Members tab on the left menu, then Manage Owner Group Members to set up the payment share.
See Adding Members to an Owner Group for more information on this.
The Owner Group now needs a ledger. Head to Trust Accounts > Rental Ledger Balance > New Owners Ledger > Select the Owner Group Contact in the Owner box. Add in the relevant information:
If the Owner Group is being applied to an existing property:
No funds to be handled:
If no funds are to be dealt with, go to the property > Ledgers > Add/Remove Owner Ledgers > Remove the current one and add the Owner Group Ledger:
This will now automatically assign the Owner Group to the property and change over the ledger on the current rent template. For any existing invoices for the property, head to Invoices & Credits > Select the unpaid invoice > Edit Invoice > Change the ledger.
Funds to be handled:
If there are funds to be transferred to the new owner group, one option is to follow the above steps then head to Trust Accounts > Transfer Funds and move any existing funds from the old owner to the new owner group.
Another option is to process a change of owner wizard. See Owner Change Wizard for more information.
The statements for Owner Groups will show payment details for all group members. If you are using Residential statement formats, this is a setting that you can adjust so that each member can only see their own account details. If you want to change it go to Settings Menu > Trust Accounts and select your account and place a tick against the option to 'Hide payment details of other owner group members on residential statements'.