If a landlord has multiple properties that are not linked within a portfolio, funds can be transferred between the landlord's property balances. This allows available funds from one property to be used to cover expenses associated with another property.
The transfer is carried out by using the property float balance from one property to cover expenditure on another.
In the example below, funds are transferred from Property A to Property B.
1. Collecting the funds from Property A
Identify the property you wish to create a float balance for (the property the funds will be borrowed from)
Go to Financials > Landlord deductions
From the top right corner, select the dropdown arrow and choose +Float payment in
Fill in the details of the deduction to debit the funds from the landlord's balance and credit the property float
Click Submit to add the deduction
On the Landlord deductions page, find the deduction just added and click the tick under Include in ledger and statement
The funds will be withdrawn from Property A and credited to Property A's float balance. The deduction will be reflected on the landlord's next statement.
Note: Property A must have enough credit to cover the balance of the transfer you are making, or there will be a negative landlord balance.
2. Crediting the funds to Property B
Go to Financials > Double Entry and enter the following
Within the Money out section, please populate the fields as below:
Category = Property A
Subcategory = Float out
Adjustment value = The balance to transfer
Within the Money in section, please populate the fields as below:
Category = Property B
Subcategory = Landlord other income
Adjustment value - The balance to transfer
Include a suitable description and click Add Adjustment.
The funds set aside in the float balance of Property A will now have been moved to the landlord balance of Property B and will be ready to pay out or use for deductions.