One of the most important things you do as you manage properties is to pay out rental profit to your owners. (They would get pretty mad if you didn't!) In DoorLoop, you record this by creating an Owner Distribution.
If you are the property owner and you take money out of the property's bank account, you still need to record this with an Owner Distribution. This way, your removal of these funds from the property is reflected 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 Distribution 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 Distribution in the Owner Transactions section.
You can also click on the owner in the People < Owners section and create an Owner Distribution using the button there. If you do this, the Owner will already be selected in Step 2.
Select whether you will be doing distributions for All Properties or Some Properties. If the latter, select those properties using the drop down menu.
Also select whether you are distributing for All Owners in the property or properties, or just Some Owners. If the latter, select those owners using the drop down menu.
In the Enter Distributions Amounts page, review the following information broken down by Owner and their Property:
Property: The property associated with the listed owner.
Ownership (%): The percentage of the property that this owner owns, which you entered when you added the owner to the property.
Max Distribution: The maximum amount that you can distribute to this owner. Click on the amount to view how this number was calculated:
Cash Balance: The total amount of money in your bank accounts on the balance sheet of this property.
Deposits Held: the amount of liabilities you currently hold for this property, such as security deposits. These are subtracted from your available funds because you can't distribute them to owners. They are liabilities that will need to be paid back or applied to charges at some point.
Reserve: If you set a reserve in your property's settings, these funds will be subtracted from your available funds because you can't distribute the reserve to owners. This is the point of having reserve funds!
Available to distribute for property: the total funds that are available to distribute for this property.
Ownership (%): This reminds you of the ownership percentage for this owner.
Available to distribute to owners: The funds available to distribute for this property are multiplied by the Ownership (%) to arrive at the maximum amount available to send to this specific owner for this property.
Automatic Distribution: Leave Distribute Max Amount toggled on if you would like to automatically pay out the maximum available funds, or turn off the toggle to enter the amount you wish to distribute.
Distribution Amount: This will list the maximum amount available to distribute to this owner if you are distributing the maximum, or you can enter the amount you want to distribute if you toggled off Distribute Max Amount.
DoorLoop will not allow more than the maximum amount to be distributed.
Click Next and review the following information about your Distributions:
You'll see the bank account (or accounts) paying out the distribution (or distributions). The default operating bank account set on your properties is the default account for the owner distributions for that property.
You'll see the Owner (or Owners) receiving distributions listed under the bank accounts, along with their properties and Payment amount.
You will need to select a Payment method to record how you are paying out this distribution.
If you choose the Check option, you can leave the Print Later toggle on to print the check later, or you can toggle it off and enter an optional check number.
You can decide if you would like to Consolidate Checks if you do decide to print these checks in DoorLoop later by switching on the toggle.
Click Finish when you are done to process your payments.
Good work, now your balance sheet and accounting for this property will accurately reflect paid out money to the owners!