Do not change the owner on the property until the tenant has paid all monies due to the old owner as this impacts who the fee is charged from. Also suggest that at this time to disburse the old owner, take your fees and pay any creditors owed funds first.
Set up a ledger for the new owner in the trust account: Trust Accounts > Rental Ledger Balances > New Owner Ledger - format the ledger name the same as the others, the property is not going to be available to select at this stage.
If the change of ownership takes place partway through a rental period, void the invoice which covers that date and use 'generate once-off rent invoice' to raise the same dates again as 2 separate invoices - be careful which ledger you choose on each. Receipt the funds due to the old owner first, then disburse as above before receipting the balance of the rent.
Use the tenancy ledger to hold the difference between what was received on the bank statement and what was due to the old owner. After the below changes are made, and the old owner paid and fees disbursed, apply the tenancy funds to the new owner's invoice. If the new owner is not paying the same fee rate as the old owner, you'll need to check and edit the fee rules before receipting funds.
Note: If this Property has been designated a bank account under Re-Leased Pay, make sure to update the bank account under the Re-Leased Pay settings. For more information on how to update your account click here: How do I update Re-Leased Pay when changing a owner of a property?
The new owner's ledger needs to be linked in the following places:
- Property > Ledgers - add the ledger to the property and change the default ledger to the new ledger, this updates who the owner of the property is
- Tenancy > Rent & Outgoings - edit the ledger on the current rent template and any future rent templates
- Tenancy > Invoices - edit the ledger on any unpaid invoices which are due to the new owner.