When you have an owner that has multiple properties and you want to use funds from one property to cover expenses in another, you will need to show a transfer of that money on the books. To do so, you can use the Transfers task.
- Go to Accounting and under Tasks, select Transfers.
- Enter the posting date and select the owner whose portfolio you want to move money within.
- Enter a detailed description and the desired amount.
- Under Transfer From, select the property and the account you are looking to pull money from.
- Under Transfer To, select the property and the account you are looking to deposit the money into.
- Enter any notes and/or attach files that may be a helpful reference for the transaction in the future.
- Click Post.
The appropriate journal entries for moving money will now be recorded for these properties.
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