How to split a combined property into two property accounts.
The property was recorded as a combined property under one property account in Class previously. For example, the property is a duplex, the client would like to split it into two units and record them separately.
Navigate to the Fund Level
- Dispose of the combined property with the book cost via Transactions > Investment - Sell > Property Sale Deposit with $0 deposit and Investment - Sell > Property Sale Settlement with the book cost as the remaining amount.
- Create two property accounts for property #1 and #2 via Investments > Property. Refer Property Set-Up article for guidance on creating property accounts
- Process a property acquisition for property #1 and #2 via Transactions > Investment - Buy > Property Purchase Deposit with nil amount for the Deposit amount and the book cost in the Remaining Amount fields
- Process a business event as Investment - Buy > Property Purchase Settlement > put the Date and the Remaining Amount as same per the Deposit event
- Use the Depreciation Worksheet to pick-up the original CGT date. Refer Depreciation Worksheet article for further guidance
- Update the market value for property #1 and #2 via Investments > Browse Holding Accounts > Menu icon > Holding Price/Valuation. Refer to Property Valuations for further guidance
The Remaining Amount in the Deposit event must be equal to the Remaining Amount in the Settlement event as shown below.