The unit transfer function allows you to move a tenant from one unit to another at the same residential property, or at a different residential property. The function creates a new tenant record with the same details as the original record; it also copies roommate data and attachments.
The new record is given a status of Future, and the status of the old record is changed to Notice. Because charges may vary at the new unit (or property), you have to add the recurring charges manually.
The following procedure includes the following components:
The deposit is transferred from one unit to the other.
You attach the existing tenant ledger (as a report) to the new tenant record.
If the new unit is at another property, you create a journal entry to move the deposit.
Note: This function is designed for residential properties, not commercial properties
Unit Transfer Function
Open the tenant record and click the Unit Transfer button.
The Unit Transfer screen appears. Complete the screen.
Click Save. On the old tenant record, the status is changed to Notice, and there is a link to the new record at the top.
On the new tenant record, the status is Future, and there is a link back to the old tenant record.
Note: If the tenant will be month-to-month in the new unit, you can complete the Unit Transfer screen for a one month lease (enter 1 in the Term field). After you save the Unit Transfer screen, you can open the new tenant record and change it to a month-to-month lease.
Note: The old tenant record will have a status of Notice, and the new tenant record will have a status of Future. This will mean they don't show up as a current tenant on the rent roll until you complete the entire transfer process. If you go to Tenants > Tenants to look for them, you can click on the filter at the top right, drill into the Status filter, and select all to ensure that the tenant shows up on that screen.
Closing the old tenant record
Open the old tenant record and change the tenant's status from Notice to Past.
Click the Refund Deposit button. In the popup, click the Add Row button and add a charge in the amount of the deposit to the Deposit Refund charge code.
Click Post.
This should create the following transactions on the tenant ledger:
A credit (negative charge) for the full amount of the deposit, using the deposit charge code.
A charge for the full amount of the deposit, using the deposit refund charge code.
A zero dollar receipt tying them together.
You can technically create these transactions manually to zero out the deposit, but the Refund Deposit function is faster and easier.
On the tenant record, the status is now Past and the Deposit field shows zero.
At the top of the screen, the "moving to" message has been changed to "moved to."
Go to the Ledger tab. Click the PDF button.
Download and save the PDF.
Opening the New Tenant Record
Go to the new tenant record. Change the Status from Future to Current.
Add a Scheduled Charge for rent.
To transfer the deposit, add the following charges manually by clicking Add Charge:
a positive charge to the Deposit charge code for the full amount of the deposit
a negative charge to the Deposit Refund Charge code for the full amount of the deposit
Note: Sometimes tenants have more than one type of deposit, such as a security deposit and a key deposit. If these were created with two different charge codes on the original tenant ledger, you will want to recreate them the same way. You can still create one single negative Deposit Refund charge for the full, combined amount.
Click Receive Payment, and create a zero receipt to apply the negative charge to the positive charge.
This links the existing deposit to the new tenant record.
On the Tenant screen, you can now see the results.
Go to the Attachment tab and upload the PDF of the tenant ledger.
Moving the Deposit to Another Property
If the new unit is at another property, you need to create a journal entry to move the deposit. An example is shown below.
At the old property, you credit the cash account for the amount of the deposit, and debit the deposit refund account.
At the new property, you debit cash and credit deposit refund.
Refunding the Deposit
Instead of transferring the deposit, you can refund it to the tenant and then create a charge for a new deposit at the new unit.