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A transfer moves money into an owner’s account. Most transfers are created for you when an invoice is paid, but you can also send funds to an owner yourself. Every transfer creates an owner payment on the destination owner, which is what credits their balance. You can see an owner’s transfers on the Transfers tab of the Balance section on their record. Open a transfer to see its amount, destination, source invoice and any reversals.

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Transfers from invoices

When an invoice is paid, Yorlet looks at each line item’s transfer behaviour and creates a transfer for every owner who should receive part of it:
  • automatic line items are split between the active owners of the line item’s unit, in proportion to their percentage ownership.
  • owner line items are transferred in full to the owner set as the transfer destination.
  • none line items are not transferred.
The transfer creates an owner payment on each destination owner, and the invoice shows the transfer status of each line item.

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Requirements for automatic transfers

An automatic line item needs an active unit ownership on its unit at the time the invoice is paid. If the unit has no active owner, or the owner’s ownership has been archived, the transfer fails and the invoice shows a transfer error. To fix a failed transfer, follow these steps:
  1. Correct the ownership on the unit, for example by activating a pending ownership or adding the owner.
  2. Open the invoice and click Retry transfers in the error shown on its timeline.
Only the transfers that failed are retried. Transfers that already succeeded for other owners on the same invoice are never duplicated.

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Unit fees on rent

When a transferred line item is rent, Yorlet applies the unit’s fees to it. If the unit has a management fee, a collection for that fee is created against the owner at the same time as the owner payment, and the fee is credited to your platform account. Fixed and percentage fees, and any temporary discount on the fee, are all respected. See Unit fees.

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When the funds become available

Funds transferred from a card, Direct Debit or bank payment are held in the owner’s pending balance for two business days before they become available to pay out. Funds from an invoice marked as paid outside Yorlet are available immediately. See Account balances.

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Part payments

If an invoice is settled with part payments, each part payment is transferred as it is paid. The line item shows as partially complete until the whole invoice has been transferred.

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Send funds to an owner

You can credit an owner’s balance directly, without an invoice. This is useful for recording income you received outside Yorlet, or for putting right an amount that was missed. To send funds to an owner, follow these steps:
  1. Navigate to the owner.
  2. Under the Balance section, click the overflow menu (•••) and select Send funds.
  3. Choose the Unit the funds relate to.
  4. Enter the Amount and a Description. The description is visible to the owner on their receipts and statements.
  5. Optionally set a Period to attribute the funds to a date range on the owner’s statement.
  6. Turn on Apply unit fees if you want Yorlet to collect the unit’s management fee on this amount. The form shows the fee that will be charged.
  7. Click Create.
Yorlet creates a transfer and an owner payment, and the funds are available in the owner’s balance immediately.
You cannot send funds to your platform account. To move money between other owners, create a collection with a destination instead.
To credit or debit a balance without recording a transfer, for example to correct a rounding difference, create an adjustment instead.

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Transfer statuses

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Reverse a transfer

Reverse a transfer when funds went to the wrong owner, or the amount was wrong. You can reverse a transfer in full or in part, and you can reverse more of it later. To reverse a transfer, follow these steps:
  1. Open the transfer, either from the Transfers tab on the owner’s Balance section or by following the link from the invoice.
  2. Click Reverse. If you have already reversed part of it, the button reads Reverse more.
  3. Enter the Amount to reverse and a Description.
  4. Click Reverse.
Reversing a transfer:
  • Refunds the owner payment, which debits the owner’s balance by the reversed amount.
  • Refunds the matching share of any management fee that was collected on the payment, so the owner is not charged a fee on money they no longer have.
  • Records the reversal on the transfer’s timeline.
A reversal can take an owner’s balance negative if they have already been paid out. The negative balance is recovered from their next payments, or you can enable negative payouts to request payment from the owner.

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Refunding the original payment

If you refund the tenant’s payment in Yorlet Payments, you can choose to reverse the associated transfers at the same time. Yorlet then reverses every transfer created from that payment and refunds the fees collected on them, so you do not need to reverse each one by hand.