Adding an Owner Ledger

  • Updated

For our Asia-Pacific customers, the term "Trust Account" is used, while European customers refer to it as "Client Account". It's important to mention that the Client/Trust Accounting functionality does not apply to customers in North America. For further information on regional terms, check out our Glossary of Regional Terminology.

This article serves to guide you through the process of adding an Owner Ledger. An Owner Ledger is essential for every property as it tracks financial transactions related to ownership. In some cases, you may need to set up additional Ledgers linked to the Property. We'll walk you through the steps for creating a new Owner Ledger for a property and how to add an Owner Ledger even if it's not associated with a specific property, to ensure your portfolio is organized and up-to-date.

Creating a New Owner Ledger for a Property

To add an Owner Ledger to a specific property:

  1. Open the desired Property.
  2. Click on the Ledgers tab from the left-hand menu.
  3. Select the +New Owners Ledger button.

When entering details for the new Owner Ledger, follow these steps:

  1. In the Owner field, type the Owner Contact Name. If the owner contact already exists in Re-Leased, it will auto-suggest matches.
  2. If the owner contact is new, fill in the First Name and Last Name fields.
  3. Provide a descriptive Ledger Title.
  4. Set permissions for disbursing funds to the Owner and if Owner Statements can be generated.
  5. Choose the Payment Method.
  6. Input the owner's Bank Details.
  7. Select the appropriate Account for Owner Disbursement account code.
  8. Define an Expenditure Limit if there's an agreed-upon amount for owner expenditures.
  9. Pick suitable Disbursement Profiles.
  10. Determine the Send Owner Statement preference.
  11. Choose the format for the Owner Statement.

Make sure to check that all entered information is correct, then click Save to finalize the creation of the new Owner Ledger.

Creating a New Owner Ledger Without a Property

If you need to create an Owner Ledger that isn't linked to a specific property:

  1. Navigate to Client/Trust Accounts.
  2. Select the appropriate Account if multiple accounts are present.
  3. Go to the Owner Ledger Balance section.
  4. Click on + New Owner Ledger.

To add or remove Owner Ledgers:

  1. Access the blue Add / Remove Owners Ledgers button.

Note: To link a new owner ledger to a property, go to Property > Ledgers > +New Owners Ledgers.


See these related articles for further assistance:

  • Article 1
  • Article 2

 

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