We're pleased to now offer the ability to manage property funds under a single owner contact.
Re-Leased originally didn't support properties having more than one owner ledger, which resulted in a workaround by setting up a second Owner contact used for Operating Expenses.
If your current set up involves multiple owner contacts, you'll need to follow steps to use the new functionality.
Steps for each affected Owner contact
Locate the OpEx ledger for each property - review and adjust the ledger settings circled below.
The Owner Disbursable & Generate Statement settings will take precedence over the Disbursement Profile settings.
DO NOT change the ledger owner, the owner contacts will be merged at a later step.
Open the main Property Owner contact and update disbursement profiles to include the profiles used for the OpEx owner contact.
Go to Trust Accounting Reports > Fee Rules by Owner.
Run the report for both owner contacts, add any required fee rules from the OpEx contact to the Property Owner contact.
Note: the 'Used for Owner Fees' toggle in the first step indicates which Ledger will be used for any Owner Fees Rules for the Property.
Go to the contacts list > check the OpEx owner contact and select Merge.
Start typing the name of the main Property Owner contact, select the correct contact.
Important: Contact Details and Fee Rules will not be merged.
Tick the confirmation checkbox > select Merge.
Go to the Property > Ledgers tab. Add the Owners OpEx ledger to the property.
Select Edit next to the OPEX ledger and assign required accounts to the ledger.
If the Account used in a Fee Rule doesn't have a 'Default Ledger for Accounts' designated, the system will charge it to the 'Default Ledger for Property'.
Any Property or Tenancy Fee rules that are raised against an account assigned to a ledger on a property, that ledger will be used.
Edit Rent/Outgoings templates for the property’s tenancies and set “Use Default Ledgers” to YES
Note: This will update ledgers on the rent template based on the property’s ledger set up.