How do I split accounts?
Use Split Accounts to reassign the property value and ownership of a single account to one or more new property owners. This routine will create a new account for each new property owner, including the new property value, the original property value, and the adjusted account value.
Example 1
Jane splits an original account into two accounts. In this scenario, the 100% of the original account is split into two accounts.
Example 2
Jane splits 10% of the original account into five new accounts. The routine calculates the 1250.00 (Original Assessment Amount) x 0.10 (Percentage) = 125.00. Then, the routine calculates 125.00 / 5 (Number of New Accounts) = 25.00 (Amount in New Account). Next, the routine calculates the remaining amounts on the original account. When Jane clicks GO, this routine will create five new accounts in addition to the original account.
Split accounts
Reassign the property value and ownership of a single account to one or more new property owners. This routine will create a new account for each new property owner, including the new property value, the original property value, and the adjusted account value.
Do this...
1. Open Connect Property Improvements > Accounts > Split Accounts.
2. Fill in the properties for splitting the account. Use the topics in this section to fill in each field. The topics are listed in alphabetical order.
3. Use the Before Split/After Split grid to verify the changes to the original account information.
4. Click GO (CTRL+G).
The accounts are split.
Options
Amount options
Use amount options to select the method for splitting the original account. You can use percent to select the percent of the original account that will be split, or you can use manual to choose the number of accounts to create. If you use manual you will also need to divide the principal balance and enter the amount in each of the new accounts by hand.
How do you want to split the account?
I want to use a percentage to split the account. Use Amount Options to select Percentage. Next, use the Percentage field to enter the percent of the original account to split into the new accounts.
I want to enter the number of accounts to create. Use Amount Options to select Manual. Then, fill in the Number of New Accounts field. You will need to fill in the amounts in the new accounts grid by hand.
Date
The Input Date is the date the system will use to record the transaction.
Do you want to use the current date as the input date?
Yes, I want to use the current date. Continue to the next step.
No, I want to use a different date. Click on the Input Date field to enter a MM/DD/YYYY.
Number of new accounts
The number of new accounts is the number of new accounts that will be created after you run this routine. When the Amount Option is Percentage, the number of new accounts is the original account plus the number of new accounts. On the other hand, when the Amount Option is Manual, the number of new accounts is the number of new accounts that will be created.
How many new accounts do you want to create?
The Amount Option is Percentage. Use the Number of New Accounts field to enter a number (0-99). This option will keep the original account.
The Amount Option is Manual. Use the Number of New Accounts field to enter a number (0-99). This option will replace the original account with the new accounts.
Original account
The original account is the account that will be split to make new accounts.
What is the original account number?
I know the original account number. Use the Original Account field to enter the account number.
I need help finding the original account number. Click Search, located next to the Original Account field. Use the Search form to select the original account number.
Original account information
Use the Original Account Information to view the principal and billed amounts for the original account before the account is split, and then after you enter the options to split the account. The amounts in the After Split column will not be updated until you click GO.
How do I refresh the amounts in the After Split column?
You may need to click Refresh Settings to update the amounts in the Before/After Split grid.
Percentage
The percentage is the portion of the original account that you will use to create the new accounts. For example, Jane splits 10% of the original account into five new accounts. The routine calculates the 1250.00 (Original Assessment Amount) x 0.10 (Percentage) = 125.00. Then, the routine calculates 125.00 / 5 (Number of New Accounts) = 25.00 (Amount in New Account). Next, the routine calculates the remaining amounts on the original account. When Jane clicks GO, this routine will create five new accounts in addition to the original account.
Complete this section if the Amount Option is Percentage.
What percentage of the original account do you wish to allocate?
Use the Percentage field to enter a percent (0-100).
Property address grid
The Property Address grid displays the new accounts that will be created when you run the routine. When the Amount Option is Manual, you'll need to fill in this information by hand. If the Amount Option is Percentage, the routine will fill in the information for you.
Account number
This is the account number that will be assigned to each of the new accounts.
Property number
This is the property number that is listed on the original account.
Principal balance
This is the beginning principal balance on the new account.
Current principal
This is the current principal amount owed on the new account.
Unbilled principal
This is the unbilled principal amount owed on the new account.
Current interest
This is the current interest amount owed on the new account.
Current late fee
This is the current late fee amount owed on the new account.
Current other
This amount includes other miscellaneous fees owed on the new account.
Period amount method
Calculated displays when the account option is percentage and the routine calculates the amounts in the grid for you. Manually displays when the account option is manual and the user has entered the amounts in the grid by hand.
Period amount
This is the amount owed each period.
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