** Our recommended reallocation method is the reallocation function**
Go to Finance >> Credit and Transfers
The fourth option, "Transfer from one owner to another" is the best option for recording a simple reallocation of charges. Select the owners to be affected by the reallocation, enter the reallocation amount and date and give a reason for the reallocation. See the example below for further explanation.
In this example Paul Market will receive be charged $1000 and Lloyd Kindred will receive a $1000 credit. The Transfer From owner will always owe more money after the reallocation, and the Transfer To owner will always owe less money (receive a credit). The reason for the reallocation (or transfer of horse charges) includes the horse name and indicates the period during which the original billing error occurred.
The next time owners statements are issued, both owners affected by the reallocation will be notified of the transfer of charges. If more than two owners were affected by the billing error, the credits and transfer function will need to be used more than once, and more owner adjustments recorded. Transfers and reallocations recorded by this method will display in Finance > Adjustments on the date specified.
This is a simple and fast method for reallocating charges where the amount of the reallocation has already been calculated and agreed, and the owners affected already understand the reason for the reallocation and do not dispute it. The affect of the transaction on owners statements will be a simple one line adjustment entry with a description.
There is also another feature that will complete reallocation and allows for a greater level of transaction detail to be provided to owners affected by the reallocation. This is our recommended method
Tip: Before recording a reallocation of charges from one owner to another, it is always a good idea to speak with both owners affected by the adjustment, not just the owner requesting a credit. Ideally both parties should agree that the reallocation is correct and acceptable before it is processed, to avoid possible account disputes in the future.