Overview
If you paid for goods or services related to one of your properties and recorded this expense or bill in DoorLoop, what do you do if this payment is refunded?
No worries! You can also record the refund to your credit card or bank account in DoorLoop to keep track of these transactions and ensure your accounting is correct.
Let's go through how to do this now.
The Steps
From anywhere in DoorLoop, click the + Create New button in the upper left corner and choose Bank Deposit under Other Transactions.
Select your Credit Card (only if you have added your credit card as an account to track expenses) or Bank Account in the Deposit Account box. This is the account which the original payment was made with.
Input the appropriate information in the rest of the boxes as follows:
Transfer Date: enter the date you received the refund in your account.
Property: pick the property associated with this refund. This refund reflects on the accounting reports for this property, so you should pick the same property that you picked for the expense that is being refunded.
Unit: (optional) pick the unit associated with the refund.
Category: choose the correct general ledger account for the refund. For example, if you recorded the initial expense to an expense account, such as "General Supplies," pick that account to reverse the expense amount with the refund.
Description: (optional) enter an optional explanation for the refund. What you enter here you will also see in the “Memo” column on accounting reports.
Amount: enter the amount of the refund.
Payment method: (optional) pick among several options for informational purposes.
Reference: (optional) add your own internal reference number.
Received from: (optional) you can record who refunded you by choosing Vendor and then picking from your list of vendors. For example, Home Depot.
Add Line Item: (optional) use this link to add additional refund items if needed. You could also create separate bank deposits for each line item for the refund.
Add note: (optional) add additional information for your reference when reviewing the refund later.
Click Save to record the refund to your credit card or bank account.