Overview
If you use credit cards to pay business expenses and bills for your properties, you'll need to record that you paid off those credit cards from one of your bank accounts when it occurs in real life. In DoorLoop, this is done by recording a bank transfer from one of your property's operating bank accounts to your credit card account.
Tip: If the credit card you're paying off is used to make payments for more than one of your properties, you'll need to create and record multiple bank transfers. The instructions below cover how to do this. You can use the Balance Sheet, grouped by Property, to see how much is owed on the credit card for each property.
The Steps
To record a bank transfer made from your property's bank account to the credit card account, click Create New at the top of the main menu. Then under the Transactions section, click Bank Transfer.
In the Bank Transfer window, set the following:
Transfer Date — enter the date you paid off your credit card.
Source Property/Unit — select the Property and Unit associated with the transaction.
If this transfer is to pay off credit card charges for multiple properties, you'll need to record separate bank transfers for each property. This is necessary to keep your property accounting and balance sheets correct.
Receiving Property — leave as is.
Source Account — choose the bank account you'll be using to pay off the credit card balance.
Receiving Account — choose the Liability > Credit Card account you're paying off.
Amount to Transfer — enter the amount you're paying off.
If the credit card balance is for multiple properties and you create separate bank transfers, determine how much to enter for each property.
The listed Account Balance for the credit card account selected in the Transfer to field shows the amount you need to pay off on this card for this specific property. DoorLoop calculates this for you.
Add any optional notes or files you need to, then click Save.
The bank transfer is recorded, and your credit card balance now reflects the payoff.
Note: You can also create an expense to pay off a credit card. This method also updates your reports and accounting. However, the downside is that you won't see how much is owed on the card for each of your properties — so this method is best used if the credit card is only used for one property. You'll need to know the exact amounts owed for each payment and property.
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.