Add an owner profile

Click to open the Owner menu on the left-hand side of the screen. Then click Add Owner.

Enter the Owner’s details

Note 1: If it is a Company, Partnership or Family Trust, type that into the Full Name area. (Turn off autofill on the top right-hand side if entering a Company, Partnership or Trust).
Note 2: If more than one surname for the owners you will need to correct the Full Name and Sort Code to read correctly.

Sort Code: This should autofill, and is used for the search functions. Normally you would enter the Surname but in the case of a Company, you would put in the Company Name.

Alternative Address and Secondary Email: This is used if the Owner has requested a copy of the statement (only) to be sent to someone else e.g. their accountant.
Note: If you use this you must turn on "Include Alternative Address" under the statement area on the Financial tab (see below)

Statement Media: defines how owners would like to receive their monthly statement e.g. Email (The default can be changed in settings).

Statement Type: shows your company default statement - usually you would not change it, however, you can change it here for a single owner if they want a different version.

Next Statement Number: This is an automatic field and will count each statement that is generated for the Owner. Note: The default is statement number 1 and this assumes that a statement will be produced at the end of the current month. You can set it to 0 if no statement will be produced in the current month so that the first statement next month will be number 1. There is normally no reason to change this.

Statement Message: You can type a note to the Owner here and it will show on their Monthly Statement. You must remember to delete it after the month end otherwise it will keep showing month after month. This is a good place to give an owner a reason if the account has been placed on Hold.

System Bank: This is your company bank account and should not be changed.

Payment Setup: Select the payment type from the drop-down box. Your default setting will be showing. Note: If you select HOLD, this will put all the Owner's money on hold and they will not receive any payment at all. If you do choose to put an owner on hold, put a comment in the Statement message area, this will then show on the Owner's Statement as well as the Owner Held Report. The exception is owners with Holiday properties - these owners should ALWAYS be set to Hold. (Please see the Holiday procedure help file for more information).

Payment Frequency: Select how often the owner is to be paid. Note: If you pay the Owner twice a month, choose Half Monthly as the frequency. The frequency setting allows you to filter groups of owners for generating payments - it does not automatically process payments.

Subscription Media: How does the owner want to get normal communication, newsletters etc.

Invoice Media: Defines how the owner will receive an Invoice if one is generated for them.

Start Dates and End Dates: The date the Owner agreement starts is the Start Date. The Owner End Date is used if the owner is going to give you the management for a set period of time. (Also see Owner Reports-Owner Expiry for a list of these). Alternatively, you can leave the end date blank and simply set up a reminder in the owner diary for when the management is due to expire.

Property Manager: This is the Primary Property Manager for the owner. It will default to the person entering the data, so if this is not you, then click on the drop-down box and select the Property Manager.

User Code: This will autofill and is for internal use but you can over type if you wish.

Mail Merge Inclusion: If set to YES, this means that this owner will be included if you do a mass mail-out to your Owners. Setting it to NO means they will not be included.

Split Payment: If your owner has more than one property paying into one bank account, setting this to YES means each property’s payment will show separately on his Bank Statement.

GST Exempt: Some overseas owners are exempt from GST, BUT PLEASE check with your accountant first before using this. This will stop Palace from charging GST to the owner.

Prospect: If the Owner is not a full management yet, then you can set Prospect to YES which will allow you to do a mail merge out to prospects only (prospecting database function).

Notes: You can put comments here that will appear on the Hold Report. Any other general notes can be added here too.

Company Information: If the Owner is a Company or owns a commercial building then you may want to store extra information in this area.

Insurance Information: Information that may be on your Management Agreement that you may wish to collect.

Custom Fields: These fields are set in the System Set Up area. They are extra fields for your use to collect information that may be specific to your business.

When finished, click Save & Close. If you set the Owner up as a Direct Credit, it will now automatically prompt you to enter a bank account.

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