Overview
Reconciling your accounts is a vital part of managing your finances as a property manager or landlord. It helps you ensure that your records in DoorLoop match your actual bank transactions, and that there are no errors or discrepancies that could affect your cash flow, tax reporting, or compliance.
Reconciling your accounts is not difficult, but it does require some attention and regularity. DoorLoop makes it easy for you to reconcile your accounts by providing you with a simple and intuitive interface, as well as an optional tool to import transactions from your bank account via Plaid.
Here are some of the benefits of reconciling your accounts with DoorLoop:
Saving time: By reconciling your accounts on a monthly basis, you can avoid spending hours or days trying to figure out what went wrong at the end of the year. You can also save time by using Plaid to automatically import transactions from your bank account and match them to transactions in DoorLoop
Full reporting capabilities: By reconciling your accounts, you can generate accurate and reliable reports in DoorLoop, such as profit and loss statements, balance sheets, income statements, and more. These reports can help you monitor your financial performance, make informed decisions, and comply with legal and tax requirements.
Getting rid of human error: By reconciling your accounts, you can catch and correct any mistakes or omissions that may have occurred in your data entry, such as duplicate transactions, missing transactions, incorrect amounts, or wrong categories. You can also identify any unauthorized or fraudulent transactions that may have occurred in your bank account.
Reconciling your accounts with DoorLoop is a simple and effective way to keep your finances in order and avoid any surprises or problems. By doing it regularly, you can enjoy peace of mind and focus on growing your business.
There are two ways you can reconcile your accounts in DoorLoop. You can manually reconcile your accounts - manually and through Plaid. For the manual method, check out the article for Bank Reconciliation Through DoorLoop. For Plaid (bank connect) read this article, BankConnect via Plaid.
Tip: Learn the difference between Reconciliation and BankConnect/Plaid by reading this article here.
Note: BankConnect via Plaid is not available to Starter Plans. Consider upgrading to the Pro or Premium Plans to access this feature.