An owner group, sometimes referred to as a syndicate, is a group of individuals who each have a share in ownership of a property and require the payments to be split.  The same set up can be used for owners who require part of their money paid to a second 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 adding a new contact:

  • set the Contact Category to Owner Group, this enables the Owner Group options;
  • add any Tags that apply to the Owner Group, the same as you would for other owner contacts;
  • add a Name for the Owner Group;
  • set an optional Expenditure Limit;
  • select the relevant Disbursement Profiles, these apply to ledgers owned by the Group;
  • the Default Owner Statement format will be selected, adjust if required;
  • connect any contacts who are not going to be group members, but require a copy of the statements, group members automatically receive a statement when statements are produced during a disbursement;
  • Save

Select the 'Owner Group Members' tab on the left menu, then Manage Owner Group Members to set up or edit the payment share.

Add each Owner Contact to the group, along with a % or fixed amount for payment, %'s listed must add up to 100%.  In this example the first owner will receive $400 plus 40% of the remaining balance, and the second owner will receive the remaining funds.

This is how it looks when these owners are paid during a disbursement:

This is another example of the same owners where the funds held are less than the fixed amount to be paid:

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'.

See also Adding Members to an Owner Group