Overview
While DoorLoop includes a handy Management Fee wizard that you can run every month to automatically calculate your management fees based on previously set rules, there might be instances where you might not want to use this and would rather create management fees manually. While most management fees are created as a Bill and a Bill Payment, you can also create them as an Expense.
The Steps
To record your management fees as an expense, click the + Create New button at the top left corner and then click Expense under the Other Transactions section.
On the New Expense window, fill in the relevant fields:
Select Payee: Select your Vender account for your PM company
Reference: Use the default unique reference number, or enter your own.
One Time Expense: Make sure this is selected unless you actually do want to create a recurring expense for the same amount.
Expense Date: Select the payment date of the expense.
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.
Property: Choose the property incurring the expense.
Category: For this, you'll want to select Expense > Management Fees
Description: Add an optional description for the expense.
Amount: Enter the amount of the expense.
Add multiple expense lines by clicking on the + Add Line Item. You can remove line items by clicking on the trash can icon on the right side of each line item. The Property field will be filled in automatically for each new line item based on the initial property input.
Add any additional information in the Add memo section, or relevant files by using the Click here link.
Click Save to finish.
If you choose the ePay payment method, you’ll need to go to the next step in the process to finalize and send the payment.
Next Step: If you choose ePay as the payment method, send the electronic payment to your recipient. To do so, follow the instructions here: Send a Payment to a Tenant, Vendor, or Owner