Overview
There may be times when you'll want to transfer funds from one bank account to another. For example, if you accept online payments and a tenant pays both rent and a security deposit in one transaction, both payments go into your operating account — but you actually want the security deposit funds in your escrow account.
With the Bank Transfers feature, you can record the movement of funds from one account to another, correct mistakes when money is transferred into the wrong account, or make adjustments where needed.
The Steps
To record a bank transfer, click Create New at the top of the main menu. Then under the Transactions section, click Bank Transfer.
On the Bank Transfer window, enter the date that the transfer will occur in the Transfer Date field.
You'll now see two sections called Transfer From and Transfer To. Enter the following information:
In the Transfer From section, select the Source Property, Unit, and Source Account from which you want to transfer funds.
In the Transfer To section, select the Receiving Account into which you want to transfer the funds. (You don't need to change the Receiving Property.)
In the Amount to Transfer field, enter the amount you want to transfer.
(Optional) Add a Memo or upload a file related to this transfer.
Click Save to complete the transfer.
You can view the outcome of this transfer by going to the Transaction Details report and filtering the type by Transfer. You'll see that funds came out of one account and into another. This can also be viewed under Accounting > Transactions — click the two bank transfer accounts, and one will show a negative transfer while the other shows a positive one.
Note: Since you're recording the movement of funds in DoorLoop, be sure you've also made the appropriate fund transfers in the real world between your bank accounts.
Tip: If the funds you're transferring aren't related to any specific property, consider creating a Business Property that represents your actual business and select that instead.