In DoorLoop, owners control or own the properties and units you rent out to tenants. DoorLoop allows you to keep track of property owners so you can keep track of who you distribute the property rent profit to, and who contributes money to the property to pay for bills when necessary.
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.
As you manage your properties, there will likely come a time when funds need to be put into the property. 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.
Giving Owners Access
If you want to give your owners access to your portal so they can view (but not edit) relevant information and reports, you can do this by adding them as users and giving them the Property Owners role.
For example, you might want your owners to be able to log in and view tenants and lease transactions in their properties, and view reports such as their Profit & Loss statement or their Rent Roll without you having to send it to them. Let's go through inviting your owners to the portal now!