If a landlord has multiple properties that are not linked in a portfolio, it is possible to move funds between the landlord's balances. This can be used when the landlord wants to use funds from one property to cover expenses on another.
This is done by using the property float balance of one property to cover the expenditure on another.
In this example, funds will be taken from Property A and moved 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 money will be drawn from Property A, credited to the float balance of Property A, and the deduction will appear on the next statement for the landlord.
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.