Overview
The standard transaction flow on a lease goes through the following three steps in DoorLoop:
Posting a Charge
Creating a charge will increase the Running Balance your tenant owes you. In DoorLoop, a charge can be created multiple ways:
During Step 3 of Lease Creation, you will be able to enter one or multiple recurring rent or other charges. DoorLoop will automatically create and add these charges to your lease Transactions tab based on the frequency you choose. These charges will run until you end the lease.
If you have already created the lease, go to the lease Rent tab and add a Recurring Rent or Recurring Charge. A new Recurring Rent allows you to create or replace an existing recurring rent charge, and a Recurring Charge allows you to create or add a recurring charge. A recurring rent charge will run until you end the lease or replace it with another recurring rent charge. A recurring charge will run until the date you set, or when you end the lease.
Note that you can only have one active recurring rent charge, but you can have multiple recurring charges. Also note that recurring charges are not included in rent reminder notifications.
For manual charges, use the Post Charge button on the lease Transactions tab. This will immediately create a one-time charge on the Transactions tab of the lease.
Receive Payment
Informing DoorLoop that you received a payment is the second step in the process. When a payment is received, it will decrease the tenant's outstanding balance and increase your Undeposited Funds account. Payments in DoorLoop are created both automatically and manually, depending on how the tenant makes their payment to you:
If your tenant makes a payment through the Tenant Portal, DoorLoop will automatically create a payment on the Transactions tab of the tenant's lease on the date they made the payment.
If you receive a payment outside of DoorLoop such as via a check or cash, you will manually record the payment on the Transactions tab of the tenant's lease by using the Receive Payment button. You have the option to automatically apply the payment to the oldest outstanding charge, based on your payment allocation settings, or you can manually apply it to a specific charge. You also have the option to automatically record a bank deposit for this payment.
Deposit
The final step is to inform DoorLoop that the payment deposit has cleared the bank, which will result in the transfer from the Undeposited Funds account to your bank account DoorLoop Balance.
In some cases, the deposit date may be the same as the payment date. For example, if a tenant paid via cash which was then deposited directly into the bank. For the majority of transactions, there will be a couple of days between the date the payment was received and the date the deposit cleared the bank account.
If the payment was made through the Tenant Portal, DoorLoop will automatically create the deposit on the date it clears our payment processor to your bank account.
In order to manually record a deposit, you will need to track the dates the incoming deposits are posted to your bank accounts using your bank's online system or via the monthly statements. You can also use our BankConnect feature through Plaid, as long as Plaid supports your banking institution.