Overview
A business property is a property you set up in DoorLoop to track your own company's finances — management fees, overhead, salaries, and other operating expenses — separately from your client-owned properties. It isn't a real, physical property; it's a placeholder that lets DoorLoop's accounting system track your business's own transactions the same way it tracks a client's.
DoorLoop's accounting is built around properties — every transaction and bank account is tied to one. A business property gives your own company's finances a "property" to attach to, so they're tracked without mixing into your client property accounts.
This is useful for property management companies that need a clear separation between their own business finances and the properties they manage on behalf of clients.
The Steps
To add a business property, click the Create New button at the top of the main menu. Then under the Rentals section, click Property.
When going through the New Property wizard, the property type you choose doesn't matter. You do need to enter an address, so it is recommended that you use your business address. You will need to associate a bank account with the property, but you do not need to set ownership.
Click Finish at the end of the wizard.
After creating the property, find the property under the Rentals > Properties section and click on it. (What we'll need to do now is delete the Unit associated with that property because we are not going to need it, and you don't need it counting against your Subscription Unit Count.)
On the business property, click the Units tab and click the 3-dots to the right of the Unit that will be deleted. Click Delete on the pop-up menu.
Your business property is now set up and ready to use for tracking your company's own transactions.
Disclaimer
The information provided is not offered by a licensed accountant, should not be considered accounting, financial, or legal advice, and is provided (and intended) for general informational purposes only. Do not rely on the information provided; rather, please verify applicable accounting laws and regulations independently. This information should not be considered a substitute for professional advice and does not offer Generally Accepted Accounting Principles (GAAP). The author and publisher are not liable for any damages or losses resulting from reliance on this information.