Overview
If you use credit cards to pay off expenses and bills for your properties, you will need to record that you paid off those credit cards from one of your bank accounts.
Use the following steps to record in DoorLoop that you paid off a credit card from a bank account.
The Steps
Tip: You might have to create multiple bank transfers if the credit card you are paying off is used to make payments for more than one of your properties. The instructions will cover how to do this.
From anywhere in DoorLoop, click the + Create New button in the upper left corner and choose Bank Transfer under Other Transactions.
In the Bank Transfer window, set the following information:
Transfer Date: enter the date you paid off your credit card.
Source Property: select the Property associated with the transaction.
For example, if this credit card is used for one property, the choice is obvious.
If this transfer is to pay off credit card charges for multiple properties, you will need to record separate bank transfers for each property. This is necessary to keep your property accounting and balance sheets correct.
Receiving Property: Lease as is.
Source Account: choose the bank account you will be using to pay off the credit card balance.
Receiving Account: choose the Credit Card (Liability) account you are paying off.
Amount to Transfer: enter the amount you are paying off.
If the credit card balance is for multiple properties and you are creating separate bank transfers, it is easy to determine how much to enter for this specific property.
The listed Account Balance for the credit card account selected in the Transfer to field will show the amount you need to pay off on this card for this specific property. DoorLoop does all the calculations for you instantly!
Add any optional notes or files you need to, then click Save.
Note: You can also create an expense to pay off a credit card. This method will also accurately update your reports and accounting. However, the downside to this method is that you won't be shown how much is owed on the card for each of your properties, so this method is best used if the credit card is used for only one property.