Overview
A lease payment is a transaction recording that a tenant paid you money. Lease payments pay off charges and decrease the tenant’s outstanding balance. Payments recorded when there are no outstanding charges give the tenant a credit balance, which will automatically pay off future lease charges.
If your tenant pays online through their tenant portal, DoorLoop automatically creates their lease payment for you. If you receive a payment outside of DoorLoop, you will need to manually record this transaction.
The Steps
To receive a payment on a lease, click Leasing on the main menu and then click on Active Leases.
Find the lease you want to record a payment for and click on it.
On the lease overview page, click on the Transactions tab and then the Receive Payment button.
On the Receive Payment window, enter the required information:
Lease: this is the lease that the payment is being received into.
Date: change the date for the payment if needed.
Received from: this will automatically fill in the tenant you added to the lease.
Deposit account: this will automatically fill in the bank account set as the default operating account for the property. If you also defined a default escrow account for this property, you can choose this bank account for the payment, depending on where you will be depositing the money.
Amount received: enter the amount of the payment.
Payment method: pick among several options for informational purposes. Choosing Check allows you to record an optional Check Number.
Add memo: add an optional memo for your reference when reviewing the charge later.
Next, set the following options - Automatically Apply Payments, Automatically Deposit Funds, and Email Payment Receipt to the Tenant.
Automatically Apply Payments: Choose between the following options:
On will apply the payment to the oldest open charge first.
Off will allow you to choose the charge(s) to pay
Automatically Deposit Funds: Automatically create a bank deposit when you complete the payment. This causes the payment money to immediately reflect in your bank account balance, rather than showing in Undeposited Funds until you create the bank deposit for this payment.
Use this if you’ve already deposited the money or if you don’t want to create a bank deposit later and don’t care that the bank deposit date will be the same as the lease payment date.
Note that these deposits may not match up with the dates of when the funds were deposited in your bank account, which can cause issues with Plaid transaction matching and reconciliation. So it is recommended to deposit these funds on the actual date that they get deposited into your bank account.
Email Payment Receipt to the Tenant: Send an email to the tenant notifying them that you recorded their payment. This only works if you have an email address entered in the tenant’s info.
Settings for Automatically Apply Payments, Automatically Deposit Funds, and Email Payment Receipt to the Tenant are turned on by default. If you would rather have them off by default, you can toggle off the setting and then click Set as Default. DoorLoop will remember your settings for the next time when you Receive Payment.
Add any relevant files (optional) by dragging the file into the window or using the Click Here link to upload. Add any relevant files (optional) by dragging the file into the window or using the Click Here link to upload. You also have the ability to Share files with the tenants if you click the box. This is a good way to share files like receipts or documents.
Click Save to finish.
Good work! You can review payments on the Transactions tab of your leases.
When you deposit a payment into your bank account, make sure you record the bank deposit in DoorLoop.