Overview
DoorLoop sets default accounts in the chart of accounts to automate your accounting. This means you don't have to set these accounts over and over again as you add properties and record transactions.
The Steps
To set up your default accounts in DoorLoop, click Settings on the main menu. Then under the Company section, click Default Accounts.
On the Default Accounts window, you can edit the following default accounts:
Bank
Clearing Account — A clearing account is a temporary account used to record transactions before they're permanently allocated to the appropriate accounts. We suggest not changing this.
Income
Rental Income — This is the default account for rent charges; it's the only account whose charges trigger late fees by default.
Application Fee — When prospective tenants pay online to submit rental applications, the revenue is recorded in this account.
Late Fees — When you set late fee schedules for your company and properties, this account is selected by default.
Manager ACH Fees — The default account used for adding additional convenience fees.
Convenience Fee Income — The default account used for collecting convenience fees.
Liability
Security Deposit — The default account used to record security deposits
Expense
Management Fees — The default account used to record management fees
Outgoing Payment Fees — The default account used to record outgoing payment fees
Outgoing return payment fees — The default account used to record outgoing payment return fees
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.
Equity Retained Earnings — What account is used to record your equity retained earning after the end of the year.
Click Save Changes when you are done making changes.
These accounts are now your defaults. You can change them again later if needed.
Disclaimer
The information provided is not offered by a licensed accountant, should not be considered accounting, financial, or legal advice, and is provided (and intended) for general informational purposes only. Do not rely on the information provided; rather, please verify applicable accounting laws and regulations independently. This information should not be considered a substitute for professional advice and does not offer Generally Accepted Accounting Principles (GAAP). The author and publisher are not liable for any damages or losses resulting from reliance on this information.