Setting up Split Owners in REST Professional
What are Split Owners
You may have 2 or more owners that own a property and they require a percentage of total funds each month ie 2 owners get 50/50.
Setting up Split Owners
The owner detail cards for each owner of the split need to be entered prior to creating the split. The owner alpha indexes should be similar. It’s important to remember that the second owner must have an Alpha Index that is greater than the index of the primary owner ie
- Primary Owner - Cruise1
- Secondary Owner - Cruise2
Example of Owner cards set up in REST Professional:
|Balance to owner||CRUISE2||-|
Creating the Split
- Go to you owner details
- With the cursor on Alpha Index enter CRUISE1 and press ENTER
- At the bottom of the card, in the field ‘% amount retained’ replace the number 100 with 50 then press the TAB key
- The cursor should now be in the ‘Balance to owner’ field
- Press ENTER and find CRUISE2 from the list – then press ‘OK’
- A screen message appears advising that ‘The remaining balance will be split to Nicole Kidman’ – click ‘OK’
- Click ‘OK – F12’ to save the information (Note: If you do not press the ‘OK –F12’ button in step (h) the information will not be saved.)
Split Payment Report
You can also print a report to show all owners who have split payments - Select Reports > Owner > Split Payment Report.
All funds go to primary owner during the month. The monies do not split until such time as the chq printing step is processed (or for clearing statements databases when the clearing statements and payments are processed).
Split Owner Payments and Reversals
Go to How to Payout and Reverse Split Owner Payments in REST Professional for instructions on how to payout and reverse Split Owner Payments.