This article will step you through transferring funds from one Position to another Position in the same Project.
This article is broken down into 3 Parts with a Video Demonstration included:
IMPORTANT: In order to transfer funds, you will need to make sure that the new Account which will receive funds has been added as a Position in the Project. Use these Articles to:
Step-by-Step Instructions:
PART 1: Add a New Position
STEP 1: Prior to transferring funds, the new Account will need to be added to the Positions for the Project. First, select the Positions tab.
STEP 2: Click the 'New Position' button and select the Account you need from the drop-down that appears. The menu will display all Accounts in the system that do not already have a Position in this Project:
STEP 3. After selecting the Account you need, click 'Create Position':
PART 2: Transfer Investment
STEP 1: Click on the Account(Position) that you would like to transfer the investment from. This will open that Position page:
STEP 2. On the Position page, in the top right-hand corner, select '+ New Transaction' button and then click 'Transfer':
STEP 3. In the pop-up that appears, enter/select the correct data in the following fields:
Transfer To: Select the receiving Account which you just created a Position for.
Date: Define the effective date for the transaction (what date the investment is transferred).
Equity Class: Select the relevant Class of shares.
Units: Enter the specific number of Units to transfer.
Then, select how the Amount Exchanged will be determined, either by defining a Dollar Amount, Price per Unit, or the Cost Basis for the Units. See Important Note below:
IMPORTANT NOTE:
The Position Value will not reflect the Amount Exchanged, which reflects an exchange between two investors and does not impact the Capital Account or Class Unit Price.
For example, if the Class unit price is set to $1,000 and you enter a transfer between two investors for 100 units with a specified amount of $200,000, the Position Value for the new investor will display as $100,000.
STEP 4. You can select Lot Priority to define which units will be transferred if transferring only a portion of held units.
STEP 5. Once complete, click 'Transfer Equity'!
PART 3: Review Transaction
STEP 1. Once entered, you will immediately see the transfer reflected for the Transferor. The Amount displayed will be the Amount Exchanged as defined in the Transfer details.
STEP 2. By navigating to the Transferee (Position which received the Transfer), you will be able to confirm the Amount Exchanged (Amount), Units Held, and Position Value.
Video Demonstration:
The following video shows you how to add a new Position, and then transfer those funds to the other Position in the same Project.
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