Overview
When you try to pay a bill in DoorLoop and see that the property doesn't have enough available funds, it can be confusing. The good news is that this is usually easy to understand and fix. This article walks you through why this happens and what you can do.
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.
If the available funds are too low, DoorLoop will prevent the bill from being paid to avoid errors or overdrafts.
This is why you might see that you have insufficient funds when you attempt to pay bills in DoorLoop.
The amount of available funds should be correct if all your accounting is up to date. However, the available funds amount could be wrong based on many factors such as:
Duplicate expenses paid by accident
Incorrect opening balances set for your bank accounts and properties
Tenant payments not entered correctly
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. 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 and should not be used for distributions, bill payments, or expenses.
If DoorLoop is reporting that there are no available funds on the property, here are the most common reasons why you might see this message:
There aren’t enough cleared funds in the property bank account.
Pending liabilities are reducing the available funds.
The property's opening balance wasn’t entered or adjusted correctly.
Funds are held in other property-specific accounts.
If this occurs, you will most likely see this error message when trying to pay a bill: "You either did not select a bill, don't have any unpaid bills, or you don't have enough available funds for payment." In this case, if you believe that there are funds available, you can override the insufficient funds error and still continue to pay the bill.
Note: As stated above, the amount of available funds should be correct if all your accounting is up to date. If not, you should figure out where the error is coming from, whether it be an incorrect opening balance or incorrect transactions recorded.
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 of the Bill Pays wizard (on Step 2 of the 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.