Propertyware Knowledge Base

Moving Buildings to Different Portfolios

There are two very different methods for moving buildings from one portfolio to another.  One method retains transactions (Reassign) whereas the other does not (Transfer). 

It is important that you understand the difference between these two functions to ensure that you select the method appropriate for your situation.

Understanding the Difference between the Reassign Building Portfolios and the Transfer Building Ownership Functions

The Reassign Building Portfolios function, located in the Related Activities area of the Properties tab, allows you to reassign selected buildings to a portfolio you designate.  A typical scenario for reassigning a building to a different portfolio is if the building was originally placed into an incorrect portfolio. 

This function reassigns all the units, leases and transactions for the selected buildings to the designated portfolio so that all transaction history remains intact – only the portfolio to which the buildings belong changes.  The buildings that are reassigned will no longer exist in the initial portfolio after the reassign process is complete but will appear in the portfolio to which they are reassigned.

The Transfer Building Ownership function, also located in Related Activities of the Properties tab when a specific building is selected, allows you to transfer that building to a different portfolio.  A typical scenario for transferring building ownership is if you will continue to manage a building after it has been sold to a new owner. 

The building that is transferred will show as an active building in the new portfolio but will also show as a deactivated building – without active leases – in the portfolio from which it had been transferred.  In addition, if active leases are transferred, journal entries will be created on tenant ledgers showing security deposits being moved from the old portfolio to the new portfolio. 

Reassign Building Portfolio

1. Click on the Properties tab.
2. From the Related Activities menu in the sidebar, click the Reassign Building Portfolios link.  If this link is not present, click on any portfolio in the navigator. 
3. On the Reassign Building Portfolios page, locate the building or buildings you would like to reassign and click the checkbox at the beginning of the row.  
4. Click the Move To button and click on the desired portfolio from the displayed list of Portfolios.
5. The following message will appear: “Assignments successfully saved.  Click ‘Done’ when finished. “
6. Repeat steps 3-5 for any other buildings that need to be moved to a different Portfolio.
7. When finished click the Done button.

Transfer Building Ownership

1. Click on the Properties tab.
2. From the Navigator, select the building to be transferred to another portfolio.
3. From the Related Activities menu in the sidebar, click the Transfer Building Ownership link. 
4. In the Transfer Building Ownership pop-up window, select the destination portfolio from the drop down menu. 
5. Accept the default transfer date, or enter another date for the transfer date.
6. If the building has active leases click the checkbox for “Transfer Active Leases.” 
7. Click the Transfer button. 

If you failed to check the box for “Transfer Active Leases” a notification message will indicate that the building cannot be transferred with active leases.  If you really do not want to transfer active leases, you will have to terminate all leases first, and then run the Transfer Building Ownership function.  Otherwise, check the box for Transfer Active Leases and then click the Transfer button.

QuickBooks Warning!!  If you are syncing your Propertyware data with QuickBooks, we recommend that you do NOT move buildings from Portfolio to Portfolio.  Doing so will usually cause sync errors and some data may be duplicated in QuickBooks.