This article will show you how to correct a property that was initially set up as a single unit and how to change it to a multi-unit property.
Recreating the New Multi-Unit Property
The option to add a new property can be found in Quick Actions, by selecting New Property or by selecting Property in the sidebar, Properties, then New Property.
Enter the Property Details as it was before, but ensure you select the Property Type applicable and toggle on Multi Unit Property to be able to add units after completion.
The option to toggle on Multi Unit is only in the Property Type category of Apartment, Condo, Townhouse, Duplex, Multiplex, Loft, Commercial, Garage, and Lot.
After the property is recreated and saved, select Actions, New Unit. Add unit information and Save, or Save and Add Another.
Recreating the Lease on the New Units
Recreate the leases as before by selecting the appropriate unit, and Create Lease.
Enter details of the lease from the previous unit under Lease Details. Select Next.
Under Tenants, select Add New Tenant and enter a placeholder tenant called DO NOT USE. No other information other than the Name is needed to create. Select Submit.
If you already have a placeholder tenant called DO NOT USE, you can select Add Existing Tenant, otherwise, the system will pop up a warning that you will be creating a duplicate contact with the same information.
Report Ledger Transfer
Run a Trial Balance report for the unit you are transferring information from. Select Reports in the left sidebar.
In the Search Bar, enter Trial Balance.
Select report.
Add Additional Filters to add the Property or Unit.
Select Equals, and enter the property address.
Change the Date Range to All Time.
You can download the report to a PDF or keep this report open and open a new tab for the next step.
Ledger Transfer
While the Trial Balance report is open, start lender transfers. Under Accounting, on the left sidebar, select Transactions.
Under Actions, select New Ledger Transfer.
Keep or enter new Date Posted, Bank Account, Reference if needed, and Description.
Select Add Entry.
In the Ledger section, enter the old address. Under Account, select the corresponding chart of account and the debit or credit to zero out the old unit.
Select Add Entry and enter the new unit that was just created, and increase the funds for that account.
You do not need to do a ledger for the bank accounts you see on the trial balance report
For any accounts that have a $0 balance, you will not need to transfer.
You will not be transferring the Security Deposit at this step.
Select Submit.
Security Deposit Transfer
Follow the article How to Transfer a Security Deposit to Another Lease Under the Same Portfolio.
Transfer Unpaid Charges
If there are any unpaid charges on the old lease, select the new unit and the new lease that was created. Select Actions and Add Charge for any unpaid charges in the old lease account.
Once the unpaid charges are transferred over, on the old lease account page, void those charges by selecting Transactions, and select the amount that was transferred over.
Select Actions and Void for each charge that was recreated in the new lease account.
Complete Transfer
To complete the new setup, go into the new lease that was created, under the Tenants section, select Actions, Add Existing Tenant, and input the tenant contact from the previous lease.
Remove the DO NOT USE placeholder tenant by selecting the three dots next to the tenant name and selecting Remove from Lease.
You cannot leave the previous lease without a tenant. You will need to replace the tenant with the DO NOT USE placeholder to replace that tenant on the old lease.
Now you can pull up the old tenant lease contact and do the reverse for the old account. Under Tenants, select Actions, Add Existing Tenant, and input DO NOT USE. Then remove the actual tenant contact by clicking the three dots next to the tenant name and selecting Remove From Lease.
You can now deactivate the lease by selecting Actions and changing the Lease Status to a Closed category.
You are also able to fill in the additional fields, but it isn’t necessary to close the account.
Select Save.
Next, under Lease Info, select Unit to get to the old unit account or search in the Global Search section. Select Actions and then Deactivate Property.
