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 two bank accounts named Operating Account and Escrow Account, which you can choose not to use, or rename if you’d like.
The Steps
To add your own Bank Accounts, follow the steps below:
From the left column, select Accounting, then Banking.
Click on the + New Account button in the upper-right corner.
In the Account Info, Leave the Type as Asset > Bank.
Enter an Account Name for your 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.
(Optional) 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.
To rename the default Operating and Escrow accounts:
DoorLoop sets the Operating Account as the default bank account for your company when receiving rent payments. The Escrow Account is a default secondary account for you to use if you keep some money—such as security deposits—for your properties in a separate bank account.
From the left column, select Accounting, then Banking.
Click on the three vertical dots icon on the right side of the line for either the Operating or Escrow account and choose Edit.
Change the Account Name to whatever you want. For example, you can type in your banking institution and the last four digits of the account number.
Click Save and the bank account will be renamed on your list of bank accounts.
Next Steps
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.
If you have different bank accounts for different properties, make sure you have set the default bank accounts for your properties.
Set an accounting start date and opening balance for your bank accounts to let DoorLoop know when you are beginning your accounting in DoorLoop. This is crucial in making sure your reports and accounting will be correct!