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Record an Owner Contribution
Record an Owner Contribution

How to account for your owners giving you money for things like property expenses.

Samuel avatar
Written by Samuel
Updated over a week ago

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.

The Steps

Note: You will only be able to record an Owner Contribution for a property if you have already added that owner to the property.

Step 1 - Begin the owner contribution wizard

To receive an owner contribution, click on the + Create New button in the upper left and select Owner Contribution in the Owner Transactions section.

Tip: You can also click on the owner in the People > Owners section and add an Owner Contribution using the button there. If you do this, the Owner will already be selected in Step 2.

Step 2 - Fill out the required fields for the owner contrilbution

Complete the required fields for the new owner contribution:

  • 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.

    • Note that you can not select the ePay method for this.

Add any additional information in the Add Memo section, or relevant files by using the Click here link and then click Save.

Step 3 - Record the owner contribution as a bank deposit

The last step is to record the bank deposit for the owner distribution. This needs to be done regardless of what the payment method was. You need to record that the money was deposited into the bank account.

  1. Click the + Create New button at the top left corner

  2. Click Bank Deposits under the Other Transactions section

  3. Select the bank that's associated with the Owner Contribution under Deposit Account.

  4. You'll see a line item called Owner Contribution. Check the box to select it.

  5. Click Save to finish.

Congratulations, now your balance sheet and accounting for this property will accurately reflect this owner's contributed money!

Can an owner make an owner contribution from the owner portal?

The short answer is no. If an owner has access to their owner portal, they still won't be able to make owner contributions from there. The owner portal is just a place for them to view their financials and see how their property is being managed. They can not make owner contributions from it.

Instead, you will need to have them make owner contributions from outside of DoorLoop and then record the contribution manually using + Create New > Owner Contribution.
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