Set Up Property Bank Accounts

Set your property default bank account to receive online payments

Samuel avatar
Written by Samuel
Updated this week

Overview

Whether you have one bank account or many, you can easily tell DoorLoop where your online payment money should go.

After applying for a merchant account, you can use this bank account to collect rent for all of your properties. You can set up one default operating account for all your properties, or if you have more than one merchant account, you can specify which properties should use each of those bank account.

The Steps

Set up one bank account to receive payments for all of your properties

If you only have one bank account set up to receive online payments, then you can set up the Default Accounts in DoorLoop so that all payments will go to that account.

  1. To set up your default bank account for receiving online payments, click Settings on the main menu. Then click the Default Accounts button under the Company section.

  2. Under the Bank section, change what the default Operating Bank Account is that has the merchant account set up. So if your merchant account is on TD Bank 1256, then you would select the account, TD Bank 1256 as the default operating bank account. You can also change the Trust Banking Account if you use a separate bank account to hold security deposits.

  3. Click Save to continue.


Set up different bank accounts for your properties

By default, all your properties will use the default operating account to collect and record all financial activity from your properties. If you need this to be different though, you can change this on the property-level to use a different operating bank account or even a different escrow bank account.

  1. To edit your property-level bank accounts, click Rentals on the main menu. Then click Properties.

  2. Find the property you want to set a bank account for and click on it.

  3. Click on the Settings tab and then the Bank Accounts button.

  4. On the Property Bank Accounts settings window, You'll have two options:

    • If you want your property to use the company default bank accounts, leave the setting on "Use company default bank accounts".

    • If you want to use a different bank account for the property, select the "Specify a bank account for this property" option. From here, you'll need to specify a new operating bank account and a new escrow bank account. Remember that these are bank accounts that you've already set up and the operating bank account must have a merchant account set up on it if you plan on taking online payments.

  5. Click Save to finish.

Note: All the units on the property will use those bank accounts.


View all your property bank account settings

If you want to view all your properties and what they have set up as their operating account and escrow account, you can do so by viewing the Property Bank Accounts report.

  1. To view the Property Bank Accounts report, click on Reports on the main menu. Then click Property Bank Accounts under the Accounting section.

  2. On the Property Bank Accounts report, you'll be able to see all your properties entered in DoorLoop along with two columns that show the Operating Account and Trust Account attached to it.

  3. If you need to make any changes, you can do so in bulk. Read this article for instructions on how to do that: Bulk Update Default Bank Accounts.


Special Considerations

  • If a tenant sets up autopay and you later change the operating account for their property, you will need to tell your tenant to cancel their current auto-pay and set up a new auto-pay for your new bank account. For tenants making one-time payments, no change or notification is necessary.


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