Transfer Between Landlord Accounts

When a landlord manages numerous properties, sometimes it is necessary to move a balance from one property to another in order to pay for a fee, a supplier invoice, or an outstanding balance. The Due to Client balance in the example below indicates that the landlord owes £100.

Usually, this would be deducted from the next rent payment. However, it can be helpful to be able to move money from a property that is in credit if has to be paid, the property is a let only or if the tenant is in arrears.

In this example, the landlord has another property with a £2340 balance Due to Client.

To be able to transfer £100 from 24 South Street to 22 South Street we must submit a bill to Xero in order to accomplish this. In order to start, we must first create a bill that subtracts £100 from the remaining amount of 24 South Street, as seen in the example below.

Differebt to other bills, we add a new line beneath the one for 24 South Street and enter the amount £-100 in the Unit Price column. This allows us to move the money to the other account.

Returning to LoftyWorks, we can see that the Due to Client balances for 22 South Street and 24 South Street are now £0 and £2240, as opposed to their earlier values of -£100 and £2340. The transfer between the properties owned by the landlord was succesful.