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 when it occurs in real life. We do this in DoorLoop by recording a bank transfer from the property's operating bank account to your credit card account.
The Steps
Tip: If the credit card you are paying off is used to make payments for more than one of your properties, you might have to create multiple bank transfers. The instructions will cover how to do this.
To make a bank transfer from your property's bank account to the credit card account, click the + Create New button in the upper left corner and click Bank Transfer under the Other Transactions section.
In the Bank Transfer window, set the following information:
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 will 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 will be using to pay off the credit card balance.
Receiving Account - choose the Liability > Credit Card 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 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 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.
Related Articles