Overview
Not everyone has complicated management fees. If you normally just take a flat rate fee each month, you can set up a Recurring Expense for Management Fees so that you don't have to do it manually each month.
The Steps
Creating a Recurring Expense for Management Fees is as simple as setting up a regular Recurring Expense.
To create a recurring expense for flat rate management fees, click on Accounting on the main menu and then click Recurring Transactions.
Click on the Add Expense button.
On the New Expense window, complete the relevant fields as follows:
Select Payee: Select your Vendor account for your PM company
Reference: Use the default unique reference number, or enter your own.
Recurring Expense: Choose this option to create a recurring expense
Start Date: Select the payment start date of the expense.
End Date: Select when you want to stop making expense payments. (Use the Repeat forever toggle if you want the expense never to stop. You can edit this later.)
Frequency: Select the frequency at which this will run
Repeat Forever: Turn on if you don't want the recurring expense to end
Pay From Account: Choose the bank account paying the expense.
Payment Method: Choose the payment method.
Check - Enter a check number if you already have your own checks sent outside of DoorLoop. Otherwise, select "Add to Print Queue" if you plan on printing the check out in DoorLoop. Read: Print a Check for more information.
ePay - Choose this to send a payment electronically if you have already signed up for Checkbook.io.
All other payment method choices require payment outside of DoorLoop.
Category: For this, you'll want to select Management Fees > Expense
Property: Choose the property incurring the expense.
Memo: Add an optional memo for the expense.
Amount: Enter the amount of the expense.
Click Save to finish.
That's it. Now every month at the set time, DoorLoop will create a management fee expense for the exact amount you had set. Again, this only works if your management fees will be the same each month; otherwise, use the Management Fee wizard if your fees are variable.