Overview
DoorLoop automatically calculates the balance sheet and available funds for your properties to determine how much money you have available to pay bills for a property. In other words, DoorLoop helps you keep accurate property accounting by preventing you from accidentally paying out money not meant for a property.
This is why you might see that you have insufficient funds when you attempt to pay bills in DoorLoop.
If you don't care to track proper balance sheets for each of your properties, we'll walk through how to override this protection and pay bills for the property even if they have insufficient funds.
Why does a property's available funds impact paying bills?
A property's available funds consist of its Cash Balance minus Deposits Held for the property. The Cash Balance is calculated by how much total money is in your bank accounts for this property.
This includes your property's revenue minus expenses and owner distributions.
Also very important is the money earmarked for this property when you set your bank account opening balances.
This is why setting your bank account opening balances correctly is so important. For example, if you have lease deposits for a property in a bank account, you need to tell DoorLoop that the deposit money in your bank account is meant for this specific property.
Often insufficient funds problems are because the opening balances for your bank accounts weren't set correctly.
The Steps
How to override insufficient funds when paying a bill
To override an insufficient funds problem when paying bills, do the following when Allocating Funds during the Pay Bills process:
To override insufficient funds when paying a bill, in the Actions column in step 3 of the Bill Pays wizard, un-toggle the Automatically Pay option and then click the Edit link.
Specify the amount you would like to pay on each bill and from which bank account. (You can also partially pay a bill and pay the rest of later if you’d like.)
If you have insufficient funds for this property in the chosen bank account, you will see a warning, but you can proceed anyway.
The Property Account Balance box shows you the amount of money you have in the selected bank account for this property.
You can click on the View link to open a report of the Bank Balance By Property for this bank account in a new tab.
The Property Available Funds box shows you the total funds available for this property across all bank accounts.
You can click on the blue question mark icon to review how this amount is calculated.
Click Save when you are ready to proceed with the rest of the Pay Bills wizard.
Tip: You can also create expenses instead of creating bills and then paying them, because expenses don't check for sufficient funds.