How to Move Transactions from One Account to Another in FalconPro Real Estate Software
Introduction
Moving transactions between accounts is a crucial feature in FalconPro Real Estate Software, especially as your real estate business grows and your accounting needs become more detailed. Whether you need to reorganize your chart of accounts, split a general account into detailed sub-accounts, or correct previous account structures, FalconPro Real Estate Software provides powerful utilities to move transactions safely and efficiently. This guide explains the step-by-step process, available options, and best practices for moving transactions from one account to another, ensuring your real estate accounting remains accurate and compliant.
Options for Moving Transactions Between Accounts in FalconPro Real Estate Software
FalconPro Real Estate Software offers three main utilities for moving transactions:
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Move all transactions from one account to another (ideal when splitting a parent account into child accounts or correcting account structures).
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Move transactions based on specific period and property (useful for moving only transactions related to a certain building or time frame).
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Move transactions based on person, client, or supplier (for segregating transactions by individual stakeholders)1.
These options allow you to tailor your account structure as your business evolves, without losing historical data or compromising your financial records.
Step-by-Step Guide: Moving Transactions from One Account to Another
1. Prepare Child Accounts
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Go to the chart of accounts and create the necessary child accounts under the appropriate parent (e.g., splitting “Sarah Apartments” into “Sarah 1” and “Sarah 2”).
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If the parent account already has transactions, the system will warn you but allow you to proceed1.
2. Access the Utility for Moving Transactions
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Navigate to Administration > Utility.
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You’ll find three options:
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Move all transactions (GVs) from one account to another.
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Move transactions for a specific period and property.
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Move transactions person-wise (by client, supplier, or contact)13.
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3. Initiate the Move
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Select the appropriate utility based on your needs.
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The system will prompt you for a security password. Click “Copy Code” and send the code to FalconPro support (via WhatsApp or email). You’ll receive a password valid for one hour1.
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Enter the password and provide clear remarks explaining the reason for the move (for audit trail purposes)1.
4. Select Accounts and Criteria
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For a full move: Choose the current (old/parent) account and the new (child) account. Double-click to select from the account tree1.
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For period/property move: Specify the date range and the property/building. Only transactions matching these criteria will be moved1.
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For person-wise move: Select the master account and the new account for the specific client, supplier, or contact. All transactions related to that person will be moved1.
5. Confirm and Execute
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Review your selections carefully. Once transactions are moved, the process cannot be reversed unless the destination account is empty1.
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Click “Save” to execute. The system will transfer all selected transactions and update account balances automatically1.
Important Considerations and Best Practices
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Irreversible Action: Once transactions are moved, you cannot move them back unless the destination account is empty. Always double-check your selections before proceeding1.
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Audit Trail: All moves require remarks and are logged under your user ID and timestamp for compliance and audit purposes1.
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Account Structure: After moving, the parent account will show no transactions, allowing you to restructure or delete it if needed1.
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Segregation by Building or Person: Use the period/property or person-wise options to move only relevant transactions, keeping your accounts organized and reports accurate1.
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Security: The password system ensures only authorized users can perform these sensitive operations1.
Use Cases for Moving Transactions
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Splitting a General Account: When you initially used one account for all transactions and now need to split by building, property, or client.
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Correcting Chart of Accounts: If an account was created under the wrong parent (e.g., under assets instead of liabilities), you can move transactions to the correct account1.
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Detailed Stakeholder Reporting: When you want to track transactions for each client, supplier, or owner separately for better reporting and management1.
Conclusion
Moving transactions from one account to another in FalconPro Real Estate Software is a powerful tool for maintaining a clean, organized, and auditable chart of accounts. By following the structured steps and using the appropriate utility, you can adapt your accounting structure to your evolving business needs while ensuring data integrity. Always use the built-in security features and provide detailed remarks to maintain a transparent audit trail.
Frequently Asked Questions (FAQ)
Q1: Can I reverse a transaction move if I make a mistake?
A: Only if the destination account is empty. Otherwise, the move is irreversible, so always double-check your selections1.
Q2: What types of moves are supported?
A: You can move all transactions, transactions for a specific period/property, or transactions related to a specific person/client/supplier1.
Q3: Is there an audit trail for these actions?
A: Yes, all moves require remarks and are logged under your user ID and timestamp for compliance1.
Q4: Why do I need a password to move transactions?
A: The password system ensures only authorized users can perform these sensitive operations, protecting your financial data1.
Q5: What happens to the parent account after moving transactions?
A: The parent account will have no transactions, allowing you to restructure or delete it as needed1.
Q6: Can I move only transactions related to a specific building or period?
A: Yes, use the period/property move option to filter transactions by building and date range1.
Q7: How do I move transactions for a specific client or supplier?
A: Use the person-wise move option, selecting the relevant person and accounts1.