The following article reviews how to attach 2 or more Owners to a Unit. By attaching 2 or more Owners to a unit, it becomes possible to generate individual Monthly Statements for each Owner.
Adding Additional Owners
To attach an additional Owner to a Unit, go to Configuration Settings > Units.
Next, click the View button next to the Unit where the additional Owner is to be added.
Next, click the Add button under the Owners section. (NOTE: The Sell Unit transfers ownership from the current owner to a new owner, to learn more about selling a unit, please see the article How to Sell a Unit in the Owner's Accounting manual).
First, select the other Owner by clicking on Select Owner, and selecting their name from the list. NOTE: If the other owner's name is not in the list, then enter their details by going to Configuration Settings > Owners.
After the other owner has been selected, select the Start Date of when the owner started sharing ownership of the unit.
NOTE: The start date selected cannot be prior to the start of the current statement month OR prior to the start date of the current owner otherwise the following error message will appear: “Cannot change start date prior to start of the current statement month or prior to start date of previous owner”.
Next input the following settings for this new owner:
- Tax Expenses? – will expenses be taxed for this owner?
- Withholding Tax? – will this owner be charged Withholding Tax?
- Collect Tax? – will tax be collected for this owner?
- Unit Share – enter the Unit Share (%) for this Owner. After entering the Unit Share, scroll to the bottom of the page and enter the Current Owners Unit Share into the box below. When added together, the Unit Share of the New Owner and the Existing Owner(s) must equal 100%.
- Min. Cheque Amount (if necessary) – the minimum amount the owner must make in order to receive a cheque at the end of the month
When complete, click Save to save changes.
The Current Owners section now will display both Owners, and their Unit Share %.
Before finishing, the 2nd owners Management Fee split must be set up by selecting the Add button in the Management Fees section.
When done, click the Back to Unit button at the top of the screen to view all Owners that are now attached to this Unit.
Continue these steps to add as many Owners to a Unit as necessary.
