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What Information Does the Accounting Division Require From New Owners in Order to Get the Account Set Up?

This ensures your funds are handled safely and in full compliance with North Carolina trust accounting law.

Audience: new rental property owners onboarding with MoveZen who want to understand what documents and information are required for accounting to create a compliant, accurate, and fully functional owner account.

When onboarding a new rental property, MoveZen’s accounting division must collect several key pieces of information to properly set up your trust account, owner profile, tax records, banking configuration, and property ledger. 

Here’s everything owners should be prepared to provide.

FAQs ❓

Why does MoveZen need so much information?
North Carolina trust accounting rules require strict verification of owner identity, tax status, and financial authorization.

Can I submit everything digitally?
Yes all required items can be uploaded securely through your Owner Portal.

Do I need to submit documents for each property I own?
Some items are per-owner (W-9, banking info), while others are property-specific.

Will my payments be delayed if something is missing?
Yes MoveZen cannot disburse funds until all required information is complete.

Required Information for New Owner Accounting Setup ✔️

Below is the full list of documents and details accounting needs in order to activate your account.

1. Completed W-9 Form (Required for Tax Reporting) 🧾

The IRS requires that MoveZen collect a W-9 from every property owner before sending rental income.

The W-9 provides:

  • Your legal name or entity name

  • Tax classification (individual, LLC, corporation, etc.)

  • Mailing address for 1099s

  • Social Security Number or EIN

  • Signature and date

Why it’s required:

  • To issue your 1099-MISC at year-end

  • To comply with IRS reporting rules

  • To verify ownership

Your 1099 cannot be issued — and your payments may be delayed — without a valid W-9.

2. Bank Account Information for Owner Disbursements 💳

MoveZen must have:

✔ Bank name

✔ Routing number

✔ Account number

✔ Account type (checking/savings)

✔ Name on account

This information is stored securely and used only to send your monthly owner payments.

3. Proof of Property Ownership 🏡

To comply with trust accounting standards and prevent fraud, MoveZen verifies ownership.

Documentation may include:

  • Settlement statement

  • Recorded deed

  • Closing disclosure (CD)

  • Property tax bill

Only one is required, and digital copies are acceptable.

4. HOA and Utility Details (If Applicable)

If the property is part of an HOA or has utilities that remain in the owner's name during vacancy, accounting needs:

✔ HOA billing information

✔ Utility billing details

✔ Whether MoveZen will pay bills on your behalf

✔ Login or account numbers (if bill-pay is authorized)

If MoveZen manages these payments, this must be documented upfront.

5. Outstanding Tenant Balances (If a Tenant Is Already in Place)

If a property is transferred to MoveZen with a tenant already occupying it, accounting needs:

✔ Current tenant ledger

✔ Deposit amount held

✔ Deposit transfer documentation

✔ Any unpaid rent or fees

✔ Lease start and end dates

This ensures the tenant ledger is set up accurately.

6. Security Deposit Transfer Confirmation 🔐

If the tenant paid a deposit prior to MoveZen taking over, we require:

  • Amount of deposit

  • Documentation proving funds are being transferred

  • Any approved deposit deductions (if applicable)

This allows MoveZen to legally hold the deposit in trust under NC law.

7. Contact Information for All Property Owners 👥

Including:

✔ Names

✔ Mailing address

✔ Email addresses

✔ Phone numbers

This is needed for:

  • Statement delivery

  • Tax documents

  • Legal notices

  • Portal access

If the property is co-owned, every owner must be listed.

8. Ownership Structure (Individual, LLC, Partnership)

Accounting needs to know:

✔ Who legally owns the property

✔ How the entity is taxed

✔ Whether ownership will change soon

✔ Who is authorized to make financial decisions

This ensures correct reporting and compliance.

9. Property Reserve Authorization (If Applicable) 💼

Some owners choose to maintain a reserve balance to cover:

  • Repairs

  • Emergencies

  • Inspections

  • Turnover expenses

Accounting needs authorization for the reserve amount and conditions for use.

10. Insurance Information (Optional but Recommended) 🛡️

Providing your insurance policy details helps MoveZen:

  • Communicate with your carrier during claims

  • Coordinate repairs

  • Assist with liability questions

This is optional but beneficial.

Why MoveZen Needs All This Information

✔ To comply with IRS and NC Real Estate Commission regulations

✔ To ensure trust account accuracy

✔ To issue correct payments and 1099s

✔ To document ownership legally

✔ To ensure tenant accounting is correct

✔ To safeguard your funds

Missing information can cause:

  • Delayed payments

  • Incorrect statements

  • Inaccurate taxes

  • Ledger errors

  • Compliance issues

MoveZen collects these details upfront so everything runs smoothly.