Overview
Sometimes, it is necessary to transfer funds between properties to help cover expenses for a property that might not have enough available funds. This is easily done if these properties have the same owner and share the same bank account. DoorLoop will allow you to share funds between these properties, and we will make it easier to do so.
(Previously, you had to record a separate owner distribution from one property and then a separate owner contribution into another. You do not need to do that anymore.)
The Steps
To move funds between properties on the same bank account, click + Create New at the top left corner and click Bank Transfer under the Other Transactions section.
On the Bank Transfer window, enter the following information:
Transfer Date: this is the date of the transfer
Source Property: select the property that the funds are coming from
Source Unit: (Optional)
Source Account: select the bank account associated with the property
Receiving Property: select the property that the funds will be going to
Receiving Unit: (Optional)
Receiving Account: should be the same as the source account chosen
Amount to Transfer: enter the amount you want to transfer
After entering this info, you'll also see a new field popup called "Clearing Account." This field will automatically fill with the default clearing account (Transfer Clearing Account). You do not need to change this.
(Optional) You can add a memo with any notes you might have about the property-to-property fund transfer.
Click Save to finish.