What is the best suggestion for someone who has about 15 units that are all under one property manager company, but they plan on getting an LLC for each building in the next few months? I know it is very complicated or impossible to transfer buildings to different companies if they already have a set of books, so what would be the best advice for this client? Or is there a way to transfer books as long as it is to a new company that does not have any books?

The user would have to go through the same process as if they had lost a property and gained a new one, which is deactivating the old property and creating a new one under the new company. The original company no longer owns the property, so the property needs to be closed out under that company. Meanwhile, the new company gained a property, so they will need to enter in all the information for the new property.

We currently do not support transferring a building from one company to another if the original company owns more than one building. If the original company only owns a single building, then this can be done by editing the building on the properties page and changing the company that owns the building. The reason we do not support transferring buildings from a company that owns multiple buildings is because there is no accurate way to determine which transactions are linked to that specific building.

For example, let's say Company A owns 2 buildings: Building A and Building B. Now they want to transfer Building B to Company B. Some transactions, such as invoices, are linked directly to units in Building B, so we can transfer those over along with the building. However, there are other transactions that are not building-specific, such as funds transfers and owner contributions; we do not know if those belong to Building A or Building B. Transferring only part of a building's finances can cause an accounting nightmare down the line, so our recommendation is for users to close out the old building and create a new one.