Overview
The Management Payout Categories in DoorLoop specify which payout categories will not be distributed to the owner and are instead kept by the property management company to pay expenses, whether for a vendor or part of your management fees. What this does is retain these revenue categories for yourself while removing them from your owner statements. These can include Late Fees, Convenience Fees, Rental Application Fees, etc.
These accounts also will not show up as revenue on the Profit and Loss report.
Removing these accounts from the owner statement will also exclude them from the 1099-MISC later in the year when you need to generate them.
Note: Management Fees are not available to Starter Plans. Consider upgrading to the Pro or Premium Plans to access this feature.
The Steps
Set Up Company Default Management Payout Categories
To set up your company default management payout categories, click Settings on the main menu and then click Management Fees under the Property Settings section.
On the Property Management Fees window, go to the Set Up Payout Categories section and click + Add Account if there is an account in your chart of accounts for which your management company keeps the total amount, passing nothing on to the owner. This means these accounts will not show up as revenue on the Profit & Loss report or the Owner Statement.
Use the dropdown menu to select the account and use the Add Account link if you need to add other accounts.
Click Save to finish.
Set Up Property-Specific Management Payout Categories
To set up property-specific management payout categories, click Rentals and then click Properties.
Find and click on the property that will have its own property-specific management payout categories and click on it.
Click the Settings tab and then click Management Fees.
On the Property Management Fees window, select Enable management fee for this property if you plan on using management fees for this property. Then, if you want custom management fees for this property, select "Specify a management fee structure for this property." You will need to enter all new management fees for this property and use the same instructions above for Configure Company Management Fee Settings.
Go to the Set Up Payout Categories section and click + Add Account if there is an account in your chart of accounts for which your management company keeps the total amount, passing nothing on to the owner. This means these accounts will not show up as revenue on the Profit & Loss report or the Owner Statement.
Use the dropdown menu to select the account and use the Add Account link if you need to add other accounts.
Click Save to finish.
That's it. Now any payments that are made to the Management Payout Categories will not be distributed to the owners and will instead be paid to the property management company. These Payout Categories will also be removed from the Owners Statement report once your Management Fees have been run and paid.
Tip: If you have already run your management fee bills but want to add extra payout categories, you can. You must delete the old management fee bills and run your management fees again. You can delete the management fee bills by going to Accounting > Bills & Expenses. From there, you can delete those old bills. After which, you can rerun your Management Fees with the new Payout Accounts included.
If you need a refresher on Management Fees, you can refer back to the article: Set Up Your Management Fee Policy.
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