Overview
DoorLoop sets default accounts in your chart of accounts to be used for automating your accounting. This helps so you don’t have to set these accounts over and over again as you add properties and certain transactions.
For example, you can set default bank accounts for all of your properties and only set different bank accounts for a property if needed.
The Steps
Step 1
On the main menu, click on Settings.
Step 2
Find and click on the Default Accounts button in the Company section.
Step 3
Set the following default accounts:
Bank
Operating Bank Account: When tenants make online payments for their lease charges, the payments go into the default Operating Account for the property. Your properties just need to be set to use your company default bank accounts.
What you choose here must be a merchant account if you want to receive online payments.
Trust Bank Account: When you record manual payments on a tenant’s lease, you will be able to use this account as the second bank account deposit option. As long as your properties are set to use your company default bank accounts, this bank account will be the Escrow option for your default property bank accounts.
This bank account is usually used for recording payments made for lease deposits because in many states security deposit money needs to be kept in a separate bank account. However, you can use it for other purposes if you’d like.
Note that the Trust/Escrow Account will never receive online payments directly into it regardless if the payment is intended for a security deposit or not.
Income
Rental Income: The default account for rent charges, this is the only account whose charges trigger lease late fees by default.
Application Fee: When prospective tenants pay online for submitting rental applications, the revenue records to this account.
Late Fees: When you set late fee schedules for your company and properties, this account will be selected by default.
Liability
Security Deposit: Currently for your information only.
Expense
Management Fees: Currently for your information only.
Equity
Owner Contribution: When you create an owner contribution, this equity account is used by default.
Owner Distribution: When you create an owner distribution, this equity account is used by default.
Step 4
Click Save when you are done making changes.
These accounts will now be your defaults, but you can change them later if you'd like.