Setting Up an Owner Group

  • Updated

This article will guide you through the process of setting up an Owner Group (also known as a syndicate) in our system. An Owner Group consists of individuals who share ownership of a property and need the payments to be split accordingly. This setup is also suitable for owners wanting to allocate a portion of their funds to a secondary bank account. The following steps will ensure that you can disburse payments accurately amongst the members of the Owner Group. 

 

Initial Setup for Owner Group Members 

Before creating an Owner Group, each member must be set up as an Owner contact: 

  1. Navigate to the Contacts tab, click New Contact and create a new owner contact for each member. Ensure that the Contact Category is set to Owner for each member for their individual contacts.
  2. Create another contact for the Owner Group. Select Owner Group under the Contact Category.

Adding Members to an Owner Group 

After setting up individual contacts: 

  1. Go to the Owner Group created and select the Owner Group Members tab in the left menu. 
  2. Click on Manage Owner Group Members to allocate the owner contacts and assign payment shares to each member. 
     

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Creating an Owner Group Ledger 

Once the Owner Group is formed, you need to create a ledger for managing the funds: 

  1. Head to the Client/Trust Accounts tab and click the Owner Ledger Balance. Click the New Owners Ledger option. 
  2. Select the newly created Owner Group Contact in the Owner field and fill in the necessary details. 


Applying an Owner Group to an Existing Property 

When dealing with already established properties, it may become necessary to update or allocate the financial records to a different Owner Group:

No Funds to Be Handled 

  1. Navigate to the property and select the Ledgers tab. 
  2. Choose to Add/remove Owner Ledgers
  3. Remove the current ledger and add the Owner Group Ledger. 
  4. This assigns the Owner Group to the property and updates the rent template accordingly. Update any unpaid invoices by editing the invoice and changing the ledger. 

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Funds to Be Handled 

For transferring funds to the new Owner Group: 

  1. Follow the steps for no funds to be handled as described above. 
  2. To move existing funds, use the Transfer Funds option under the Trust Accounts tab, transferring from the old owner to the new Owner Group. 
  3. Alternatively, you may use the Owner Change Wizard for a comprehensive changeover.
     

Owner Group Statement Settings 

The Owner Group's statements will display all payment details by default. However, you can adjust the settings for privacy: 

  1. Go to Settings Menu and click on Client/Trust Accounts
  2. Tick the option to Hide payment details of other owner group members on residential statements if you wish to keep individual payment details private. 
     

By following these detailed instructions, you can smoothly establish an Owner Group within our system, ensuring financial transparency and efficiency for all members involved. 

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