Moving funds between properties owned by the same rental owner
When recording an owner draw, you might notice that some properties have a negative amount available for payment and others a positive amount available for payment. When both of these properties are owned by the same rental owner, Buildium will allow you to share funds between the owner’s properties. This is done by recording an owner draw off the properties with a positive amount available and recording a contribution onto the property with a negative amount available.
How will this look on the books?
When looking at the individual properties, you will see either an owner draw or owner contribution transaction.
When looking at the owner draw check details, you will see some positive and some negative line items to show the funds moving between the properties. The rental owner’s check amount will amount to the net sum of the line items.
For example let’s say 1 main street and 2 main street are both owned by Sally Williams.
1 main street has $1,000 available for payment and 2 main street has -$500 available due to a large repair.
If you select both 1 & 2 main street when recording the owner draw payment to Sally, you will see a check with two line items.
- 1 Main street Owner draw $1,000
- 2 main street Owner contribution -$500
- Total check $500
This shows that $1,000 was drawn from 1 main street and of those funds $500 was transferred to 2 Main st to cover the deficit and the remaining $500 paid to Sally in her check.