Adding an Owner

This tutorial will take you through how to a new Owner into your Palace database. You can view this in full screen and have the option to Try It (click through the tutorial), View It (a scrollable format), Watch It (watch the tutorial), or Print It (which gives you a PDF to download)... the choice is yours! Click Start

34 STEPS

1. In Palace, open the Owner menu

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2. and select Add Owner

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3. Start by entering the profile information. Complete as much information as you can. As you enter this you can tab through the fields

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4. Then enter the owners contact information. 

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5. The secondary email address and alternate address is used if you want to send a copy of the owners statement to someone else other than the owner (ie, their accountant, or spouse)

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6. Click on the Financial Tab

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7. Under the Statement details you can select how the owner wants to receive their statement and the type of statement (this will default to what your database has been set to use)

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8. Leave the statement number as it is. Include Alternate Address needs to be turned to Yes if you want a second statement to generate and email to the secondary email address. Hide bank A/C number will remove the owners A/C from their statement only

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9. As we entered a secondary email, click Include alternate address

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10. Statement message allows you to type a message specific to this owner only. It will appear on their statement at the bottom of the page

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11. The system bank will show your rental account, you will see this appear throughout Palace.

Under Payment Setup you can select the owners payment type (Direct Credit, Cheque or Hold) and Payment Frequency

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12. This owner gets paid at mid month and month end, click on the frequency

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13. and select Half Month

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14. The subscription media can be set to allow staff to see the preferred communication method for this owner

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15. Click on the Options Tab

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16. The start date will default to today's date and can be updated to the start of the management authority. The end date is used if you have a fixed term management authority, or can be updated when you end this management

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17. Under Options, the property manager will default to the user entering this owner. You can use the dropdown to change this as needed.

The user code is used for internal use, so you can update this as you wish, or leave it blank

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18. Mail merge inclusion relates to any bulk owner mail outs, so if you have an owner set up more than once you can choose to exclude the additional records so the owner isn't receiving the same communication multiple times

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19. Split payment is for owners with multiple properties under the same ownership. If this is set to No, then the owner will receive one deposit into their account when they are paid. If this is set to Yes the owner will receive a deposit per property

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20. This is only if your owner is GST exempt. Do be careful as if this is turned to Yes then Palace will not charge GST on any transactions that are entered against this owner.

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21. Prospect is used if you are entering Owners into Palace before you obtain the management of their property(s)

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22. The notes area is for any static notes you may want to add about the owner. This is also used to record notes for the owner held funds report - so if you ever put an owners funds on hold, add a helpful note here as to why

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23. If the owner is a company or owns a commercial building then you can enter that additional information here

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24. Basic insurance information can be entered here, however more detailed information can be recorded against each property including the ability to save a copy of the insurance documents

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25. The custom fields that display in your database will depend on how you have set your custom field options. You can have up to 8 customised fields against your owners to record and report on particular information

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26. Now that we have entered our owner information, we can click save

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27. We are now prompted to add the owners bank account number, click OK to continue

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28. Click Create New

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29. You can enter the Bank name and branch if you have those details, otherwise go straight to entering the account number. You can add spaces if you need to, but don't enter any characters such as hyphens between the numbers

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30. and enter the account name

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31. You can add reference details for this owners payment if you wish, the property address might be a good start

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32. Click Save changes. 

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33. The account details have now been saved. You can add multiple A/C numbers for an owner if needed - so if they have more than one property, but want funds paid into different accounts you can enter the bank accounts and allocate them to each property

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34. That's it - our owner has successfully been entered

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Here's an interactive tutorial

https://www.iorad.com/player/1821533/Adding-an-Owner

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