Overview
DoorLoop sets default accounts in your Chart of Accounts to be used for automating your accounting. This helps so you don’t have to set these accounts over and over again as you add Associations and certain transactions.
For example, you can set default bank accounts for all of your properties and only set different bank accounts for a property if needed.
The Steps
To set up your default accounts for your associations, first click Settings on the main menu and then click Default Accounts under the Company section.
You'll now be on the Default Accounts window. From here, you can set the following default accounts:
Bank
Operating Bank Account: When owners make online payments for their association dues, the payments go into the default Operating Account for the association.
What you choose here must be a merchant account if you want to receive online payments.
Trust Bank Account: When you record manual payments on a owner's homeowner account, you will be able to use this account as the second bank account deposit option. As long as your associations are set to use your company default bank accounts, this bank account will be the Escrow option for your default association bank accounts.
This bank account is usually used for recording payments made for lease deposits because in many states security deposit money needs to be kept in a separate bank account. However, you can use it for other purposes if you’d like.
Note that the Trust/Escrow Account will never receive online payments directly into it regardless if the payment is intended for a security deposit or not.
Clearing Account - We would suggest not changing this.
Income
Association Dues: The default account for association due charges, this is the only account whose charges trigger lease late fees by default.
Late Fees: When you set late fee schedules for your company and properties, this account will be selected by default.
Convenience Fees: The default account used for collecting convenience fees.
Expense
Management Fees: The default account for management fees.
Click Save when finished.
If all your Associations are set where they don't use specific accounts, then these default company-level default accounts are what they would use. So for instance, when an Owner makes a payment online, it'll be through the Operating Account set here.