Overview
An Expense refers to any cost incurred in the operation, maintenance, and management of a property. These expenses are essential in keeping the property functional, attractive, and compliant with regulations. You can even use expenses to record Operating Expenditures. Expenses can vary based on the type of property and the specific management needs.
In DoorLoop, you can easily create and record an expense for your properties.
Note: You would only create expenses if you've already paid your vendors. An expense will accomplish the same accounting end result as a bill and bill payment, but all in one step, rather than the two-steps to create a bill and pay the bill.
Otherwise, create a bill first, and then when you pay it, create a bill payment.
The Steps
To create an expense, click on the + Create New button in the upper left corner.
Then choose Expense, found under Other Transactions.
On the New Expense window, complete the required fields as follows:
Select Payee: Select the Tenant, Owner, or Vendor you are paying. You can also create new tenants, owners, or vendors if they aren't on your lists.
Reference: Use the default unique reference number, or enter your own.
One Time Expense: Make sure this is selected unless you actually do want to create a recurring expense for the same amount.
Expense Date: Select the payment date of the expense.
Pay From Account: Choose the bank account paying the expense.
Payment Method: Choose the payment method.
Check - Enter a check number if you already have your own checks sent outside of DoorLoop. Otherwise, select "Add to Print Queue" if you plan on printing the check out in DoorLoop. Read: Print a Check for more information.
ePay - Choose this to send a payment electronically if you have already signed up for Checkbook.io.
All other payment method choices require payment outside of DoorLoop.
Property: Choose the property incurring the expense.
Unit: (Optional) Select a unit on the property incurring the expense.
Category: Select the appropriate expense account for accounting and reporting purposes.
Description: What you enter here will appear on the check vouchers that you print.
Amount: Enter the amount of the expense.
Add Memo: This will appear on the memo line of printed checks .
Add multiple expense lines by clicking on the + Add Line Item. You can remove line items by clicking on the trash can icon on the right side of each line item. The Property field will be filled in automatically for each new line item based on the initial property input.
Add any relevant files by dragging or using the Click here link.
Click Save when complete. (Or choose Save & New if you'd like to create more expenses.)
That's it. You've not created an expense for your property.
Next Step
Send an Outgoing Payment to a Tenant, Vendor, or Owner - If you choose ePay as the payment method, send the electronic payment to your recipient.
Print a Check - If you chose the payment method of check and chose to print later, don't forget to print your check.