Overview
Now that you've set up your Management Fee settings, you can move on to the next step which is to create and pay those fees. To avoid accidentally creating the same management fees more than once, we recommend consistently creating your management fee bills every month rather than trying to go back and do several months at a time.
To assist in preventing this, our automatic management fees feature defaults to the previous month. For example, using the feature to create management fees in February defaults to creating the fees for January. You can change the dates, but make sure you aren't duplicating management fees you've already created. The date range is also used to hide the properties for which the last date when you generated management fee bills is not after the start date for the date range.
When creating and paying management fee bills for the month, it is important to make sure you’ve entered all lease transactions for that month, otherwise your management fees won’t be calculated based on accurate amounts!
The Steps
To create your management fees bill, click on the Create New button in the top of the main menu. Under the Transactions section, click Management Fees.
On the Create Management Fee Bills wizard, select the properties you want to create management fee bills for. (The time period defaults to the previous month. You can change the time period if needed, use filters to narrow the list, or manually deselect properties you don't want to bill.) Click Create Bills when finished.
You'll get a popup with the following options:
View Bills - this option opens a new tab showing a transactions list report listing the bills you just created. Here, you can click on the bills and edit them as needed.
Pay Bills - This option opens a new tab for DoorLoop’s Pay Bills wizard, with the management fee bills you just created already selected.
If you decide to Pay Bills now, continue with the Pay Bills wizard. The Pay Bills page will show the following:
If you have enough available funds for each property, the Payment Amount auto-populates — click Next to pay the bills.
If you don't have enough funds but want to record the payments anyway, toggle off Automatically Pay in the Actions column, click Edit, enter the Payment Amount manually, and click Save. Then click Next.
On the Create Payments window, you can change the Payment Date, the Payment Method, and choose whether you want to print checks later if you choose check.
Check — enter a check number if sent outside DoorLoop, or select "Add to Print Queue" to print from DoorLoop. See Print a Check.
ePay — send electronically if you've already set up Outgoing Payments.
All other payment methods require payment outside DoorLoop.
Click Finish to finalize the payment.
That’s it! You’ve created and recorded payments for your monthly management fee bills. If you try to create new management fee bills for the same month, DoorLoop won’t show any potential bills by default because you have already created them. Be careful that you don’t override this by including already billed properties and double-creating your management fees.