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.
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 that in order for you to be able to record an Owner Contribution for a property, you need to have already added that owner to the property.
From anywhere in DoorLoop, click on the + Create New button in the upper left and select Owner Contribution in the Owner Transactions section.
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.
Complete the relevant fields as follows:
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 Notes section, or relevant files by using the Click here link and then click Save.
Great work, creating the Owner Contribution, now you need to record that this money was actually deposited into your bank account. For example, if an owner gives you a check, they've made a contribution for you to record, but the money is currently undeposited until you deposit the check.
Congratulations, now your balance sheet and accounting for this property will accurately reflect this owner's contributed money!
Learn how to create Owner Distributions to show you gave an owner their profit.