Unit To Unit Transfer
A unit transfer takes what a buyer has paid on one unit and carries it to another. The old agreement is cancelled, a journal moves the paid amounts from the old unit to the new, and the money becomes an adjustment on the new unit's agreement, or, in a fund transfer, clears instalments of agreements that already exist.
What it is for
| Transfer Type | From | To | What happens to the To unit |
|---|---|---|---|
| Unit To Unit | A unit | A unit of the same project and property, not yet sold | A new agreement is made for it later; it must take this transfer on its Payment Adjustment tab |
| Project To Project | A unit | An unsold unit of a different project | As above |
| Fund Transfer Single | A unit | A unit that already has an agreement | An Adjustment billing proposal clears the instalments you pick on the To unit |
| Fund Transfer Multiple | A unit | Several units that already have agreements | One Adjustment billing proposal per To unit |
"Paid" means the amounts cleared on Sales billing proposals for the From agreement, plus adjustments brought into it by earlier transfers. On Create the Basic Data tab lists them by payment category, and Paid Amount is their total. Payment Amount is Paid Amount plus Adjustment Amount.
On Save the transfer is parked with a journal. When it is saved without approval, or approved, the journal is posted and the From agreement is marked cancelled. For fund transfers, an Adjustment Billing Proposal is then made for each To unit, collected through the Fund Transfer Payment Method's default account.
The one rule people get wrong: after a Unit To Unit or Project To Project transfer, the new agreement on the To unit must pick this transfer on its Payment Adjustment tab, or the agreement cannot be saved.
Every field in plain words
Top part
| Field | What it means | What to put |
|---|---|---|
| Transaction | The number | |
| Posting Date | The date of the journal | Required |
| Transaction Journal | The journal | Required |
| Transfer Type | One of the four above | Required. It decides which fields can be changed |
| From Unit: Project, Property, From Unit, Name, Sales Agreement, Customer | Where the money comes from | Required |
| Paid Amount | What was paid on the From agreement | Filled on Create |
| Adjustment Amount | A deduction, such as a transfer charge | Payment Amount = Paid Amount + Adjustment Amount |
| Payment Amount | What is carried over | |
| To Unit: Project, Property, To Unit, Name, Sales Agreement, Customer | Where it goes | For Unit To Unit, Project and Property follow the From unit. For Fund Transfer Multiple, the To units are entered in a window instead |
| Notes | Free text |
Tabs
| Tab | What it holds |
|---|---|
| Basic Data | Payment Category, Name, Amount: what was paid, by category |
| Transfer Billing Lines | Fund transfers only: the open lines of the To agreements, with Selected, Payment Amount, Settled Amount, Transaction Clearing Amount and Balance Amount. Tick the lines the money clears; the cleared total must equal Payment Amount, and every To unit must get some |
| Serial Information | Serial Number, Assign To, Line Text |
How to configure it
Set the Fund Transfer Payment Method, with a default account, on Real Estate Setting before the first fund transfer.
Scenarios
- A buyer wants a bigger flat in the same tower. Unit To Unit from the old flat to the new one. Then make the new flat's sales agreement; the customer is filled in from the transfer, and the transfer goes on Payment Adjustment.
- A buyer owns two flats and wants to use the payments on one to clear the other. Fund Transfer Single, from the first flat to the second, and tick the instalments to clear.
What it is connected to
- Sales Agreement on the From unit is cancelled; the new agreement takes the transfer as an adjustment.
- Billing Proposal supplies what was paid, and receives the fund transfer.
- What posts explains the journal.
If something looks wrong
- "Transfer Type is mandatory". Pick one.
- "Unit To Unit Transfer - From Project and To Project must be same" or "Project To Project Transfer - From Project and To Project cannot be same". Pick the type that fits.
- "Sales Agreement is not created of ...". A fund transfer needs an agreement on each To unit. "Sales Agreement is already created of ...": the other types need an unsold To unit.
- "No Payments Found". Nothing has been cleared on the From agreement.
- "No Schedule found of To Unit". The To agreement has no open lines.
- "To Units are Duplicating". A To unit is listed twice.
- "Transfer Billing Lines Clearing Amount is not matching with Payment Amount" or "Transfer Billing Lines of Property Unit ... Clearing Amount is not defined". Adjust the ticked amounts.
- "Lineid - ... - Billing Propsal - clearing amount cannot be 0 or smaller then 0". A ticked line has no amount.
- "Basic Data is mandatory". There are no paid lines.
- "Please fill all required fields". Fill the From and To fields before Create.
- "Real Estate Setting Fund Transfer Payment Method is not Configure" or "... Default account is not configure". Set the payment method and its default account.
- "Unit Transfer cannot be deleted". It is posted. Reverse it instead.
- "Only Posted Vouchers can be reversed", "Reverse Date: ... cannot be less than Posting Date: ...", "Unit Transfer is already referred in Sales Agreement - ...". A transfer can be reversed only once posted, on or after its date, and only while no new agreement uses it. Reversing it makes the From agreement live again and removes the fund transfer billing proposals.