Below are some details that explain the difference between owner contacts and portfolios and how they are related to each other in Rentvine
What is an owner contact?
- It is a person or business
- Contact information is defined here (i.e. phone number, email, address)
- Tax information for 1099 forms is defined here (i.e. EIN/Tax ID)
- Payment method is defined here (i.e. check, eCheck, ACH)
- Owner Portal access is managed here (i.e. send portal invitations)
What is a portfolio?
- A grouping of one or more owner contacts and one or more properties
- Distribution percentages and tax percentages for each owner contact are defined here
- A portfolio holds the ledger which tracks all the income and expenses across all of the properties held by the portfolio and tracks all of the owner contact(s) distributions and contributions
- Owner Statements are created and sent to the owner contacts who are part of their respective portfolio(s)
Explain the relationship between an owner and a portfolio
- Owner contact(s) are the owners of a portfolio
- A portfolio holds the properties that the owner contact(s) own
What are the benefits of a portfolio concept?
- It provides the flexibility to configure your Rentvine account the best for your business (i.e. property-based accounting or portfolio-based accounting)
- If you have a portfolio with multiple properties, you can pay bills without having to transfer money from one property to another
- You can add one or more owner contacts and define any distribution percentage and tax percentage that would apply to that specific portfolio