Overview
Now that you've set up your Management Fee settings, you can move on to the next step which is to create and pay those fees. To avoid accidentally creating the same management fees more than once, we recommend consistently creating your management fee bills every month rather than trying to go back and do several months at a time.
To assist in preventing this, our automatic management fees feature defaults to the previous month. For example, using the feature to create management fees in February defaults to creating the fees for January. You can change the dates, but make sure you aren't duplicating management fees you've already created. The date range is also used to hide the properties for which the last date when you generated management fee bills is not after the start date for the date range.
When creating and paying management fee bills for the month, it is important to make sure you’ve entered all lease transactions for that month, otherwise your management fees won’t be calculated based on accurate amounts!
Note: Management Fees are not available to Starter Plans. Consider upgrading to the Pro or Premium Plans to access this feature.
The Steps
To create your management fees bill, click on the + Create New button in the upper left corner and select the Management Fees option found under Vendor Transactions.
This takes you to the Create Management Fee Bills wizard. Select the properties you want to run management fees for.
(The time period will default to the previous month. You can change the time period if needed, use the filters to narrow down the list of properties, or manually deselect properties you don’t want to create bills for.)
When you’ve selected the appropriate properties you want to create management fee bills for, click the Create Bills button.
You'll get a popup to either View Bills or Pay Bills.
The View Bills option opens a new tab showing a transactions list report listing the bills you just created. Here you can click on the bills and edit them as needed.
The Pay Bills option opens a new tab for DoorLoop’s Pay Bills wizard, with the management fee bills you just created already selected.
If you decide to Pay Bills now, continue. The Pay Bills page will show the following:
If you have enough available funds for each property, the Payment Amount will auto-populate and you can click Next to pay the bills.
If you don’t have enough available funds but want to record the bill payments anyway, toggle off Automatically Pay in the Actions column and click the Edit links. Here you can override the insufficient funds protection by entering the Payment Amount for each bill and clicking the Save button. Now you should be able to click the Next button to pay the bills.
On the Create Payments window, you can change the Payment Date, the Payment Method, and choose whether you want to print checks later if you choose check.
The Check option allows you to print the checks from DoorLoop to send to the vendor or vendors. Toggle off Print Later if you don’t want to print the checks from DoorLoop. This allows you to enter an optional check number for the check you send.
If you select the ePay option, you’ll be able to send a payment electronically if you already have your Checkbook.io account set up for sending payments.
Click Finish to finalize the payment.
That’s it! You’ve created and recorded payments for your monthly management fee bills. If you try to create new management fee bills for the same month, DoorLoop won’t show any potential bills by default because you have already created them. Be careful that you don’t override this by including already billed properties and double-creating your management fees.
Next Steps
If you chose the ePay option, you'll need to make one extra step and send the payment. The Send Payments article will show you how.
If you need to edit your management fees for any reason, you can read the article on How to redo management fees if they were created with incomplete or incorrect transactions.