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Overview

If a room is sold, the new owner can be assigned to the room while keeping the old owner's information and history in the system. For example, if a room is sold on May 31^st, the system can print 1099 Statements for the old owner and the new owner.
 

Change Ownership of Room

When an escrow is opened for an ownership change:

1. Enter a new owner master.
   
    
   • Some properties use the room number as the owner number.  If the room number is 103, then the old owner might be 100 and the new owner might be 103A. 
   • Use owner type NEW.
   • Leave the "Room # Owned" blank.
   • Enter the "date purchased" as the intended escrow close date (05/01/2008).
2. Once the escrow closes, change the seller's owner master.
   
   • Enter Owner 103's Date Sold as 05/01/08.
   • Do not change the Owner Type to OLD yet.
3. During escrow:
   
   • Post charges normally for Room 103, which is still linked to Owner 103.
   • Add notes and charges to Owner 103A if needed.
   • If the escrow close date changes, change the date purchased on Owner 103 and date sold on Owner 103A.
4. Upon close of escrow, print a statement regardless of which part of the statement period you are in.
5. Since the owner statement will process mid-month, uncheck Always process owner statements on calendar month only in Owner Configuration on the Statements tab.
   
6. Post any appropriate charges to the old owner:
    
   • Process Owner Revenue (Owners/Month End/Process...) for ONLY the old owner.
     
   • Post "Res Related Charges" (Owners/Month End/Res Related...) for all owners.
     
   • Post Recurring charges for ONLY the old owner (Owners/Month End/Recurring...).
     
   • Post interest charges and late fees for the old owner.  (Owners/Month End/Interest & ...).
     
   • From Owner Masters, use Charge for Work Orders in main menu.  Find Owner 103 and post any work orders or other charges belonging to the room in escrow.
     
7. Print owner statement for Owner 103.  DO NOT finalize yet.  Review statement and correct any charges if necessary. 
8. Finalize statement.
9. Print final owner statement.
10. Print a check if balance due.
11. Change the seller's Owner Type to "OLD".  The system automatically moves the room number from the "Room # Owned" field to the "Room# Sold" field. Verify the "date sold". Verify balance due is zero on old owner.
    
12. Update the new owner master.
    
    
    • Change Owner Type for owner 103A to the actual correct owner type instead of NEW.
    • Set Room # Owned to 103A, and verify the "Date Purchased" is correct.
13. Check the Always process owner statements on calendar month only on the Owners/Configuration/Statements tab.
14. Process the new owner 103A along with the rest of the owners at month-end.

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Last Updated 04/15/2009

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