Overview
We realize everyone’s business is different. Some will have separate bank accounts for every property, and some will use a single bank account for everything. DoorLoop allows you to add and track all your bank accounts in one place.
By default, DoorLoop provides a bank account named Operating Account, which you can choose not to use, or rename if you’d like.
Tip: You can add as many bank accounts as you want in DoorLoop. You can also choose to apply for merchant accounts for each so you can take payments from your tenants.
The Steps
Add a Bank Account
To add a new bank account, click Accounting > Transactions on the main menu.
On the Transactions page, click the + New Account button in the upper-right corner.
On the New Account window, under the Account Info section, set the Type as Asset > Bank. Then, enter an Account Name for your bank account. (For example, you can enter your banking institution and the last four digits of the account number so you don’t mix up your accounts.)
You can choose whether or not to enter a Description.
Click Save and the bank account will now appear on your list of bank accounts.
Repeat if you need to add more bank accounts.
Next Step
Choose an Accounting Start Date - This step is necessary for telling DoorLoop when to begin tracking your property accounting in the system. Everything from before this date is summarized in DoorLoop by setting opening balances, and you enter all transaction details from this date forward in DoorLoop. In other words, this is the day you move away from your old system and begin doing business in DoorLoop.
Set Up a Merchant Account to Accept Online Payments - Powered by Stripe - Learn how to set up a merchant account on a bank account you just created if you intend for your tenants to pay online into this account.
Set Up Property Bank Accounts - If you have different bank accounts for different properties, make sure you have set the default bank accounts for your properties.