Overview
As you manage your properties, there will likely come a time when funds need to be put into the property business. For example, major repairs that can't be covered by incoming rent revenue will get paid for directly by the property owners. Or your agreement might have owners pay for utilities directly every month.
These costs still get recorded as expenses or bills for the property, but you'll also record an Owner Contribution showing that the owners put funds into the property to cover these costs.
If you are the property owner and you transfer money into the property's bank account, you still need to record this using an Owner Contribution. After that, these funds are tracked on the property's balance sheet and your accounting will be correct.
Note: Owner Contributions are not available to Starter Plans. Consider upgrading to the Pro or Premium Plans to access this feature.
Important: You will only be able to record an Owner Contribution for a property if you have already added that owner to the property. Owner contributions put funds into a property. To release funds from a property, you need to record an owner distribution.
Note: Owners can also make contributions directly from their Owner Portal — see How Owner Contributions Work in DoorLoop. This article covers manually recording a contribution you received outside of DoorLoop (cash, check, wire transfer, etc.).
The Steps
To receive an owner contribution, click on the Create New button at the top of the main menu. Then under the Transactions section, click Owner Contribution.
On the New Owner Contribution window, fill in the following information:
Select Owner - select the Owner making the contribution.
Contribution Date - select the date the owner made the contribution.
Property - choose the property receiving the contribution on its balance sheet.
Deposit Account - choose the bank account receiving the contribution.
Contribution Amount - enter the amount of the contribution.
Payment Method - choose the payment method for the contribution.
The Check payment method allows for entering an optional check number.
You can not select the ePay method for this.
Automatically Deposit Funds - Keep this turned on to automatically record the deposit of the owner contribution into your bank account.
Add any additional information in the Add Memo section, or relevant files by using the Click here link .
Click Save to finish.
This is now reflected on the property's balance sheet and accounting.
Tip: You can also use Owner Contributions if you need to put money back into the property for something like an overpayment in management fees and you want to give the extra amount back to the owner. This way, it will reflect on the owner statement.