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Create a Budget

Create a budget in DoorLoop for a property or portfolio, with support for reference data and bulk data entry.

Written by Samuel

Overview

DoorLoop's budgeting feature streamlines financial management for property managers, providing an integrated section for setting up and monitoring budgets. Accessible through the Accounting tab, this tool lets you plan finances, track expenses, and project revenues for individual properties or entire portfolios.

Note: The Budgeting feature isn't available for Starter Plans. Consider upgrading to the Pro or Premium Plans to use this feature.

The Steps

Create a Budget

  1. To create a new budget, click Accounting > Budgeting on the main menu.

  2. On the budgeting page, click New Budget at the top corner of the page.

  3. You'll now be on the New Budget page. Here, you'll need to set a few parameters to get started.

    • Budget Type - Choose between Profit & Loss or Balance Sheet.

    • Budget By - Select whether you'd like to create a budget for a specific property or a specific portfolio.

    • Property/Portfolio - This field changes depending on whether you select property or portfolio in the previous field.

    • Starting Month - Choose when your budget will begin (usually the first month of your company's fiscal year).

    • Fiscal Year - Choose the year for which you would like to create a budget.

  4. Once you've entered the above parameters, your budget table appears below, and you're ready to begin entering your data. Enter a Budget Name for this new budget report.

  5. Select Monthly, Quarterly, or Yearly to decide the breakdown of your budget period.

  6. Click on any input value to begin entering data.

  7. Click Save to finish.

This is the minimum you need to create a budget. More in-depth data inputs are covered below.

Tip: You can change the budget period between Monthly, Quarterly, and Yearly on the fly without having to make any changes or re-enter data. DoorLoop automatically adjusts the data you've entered.

Enter Budget Data

In addition to simply clicking an input value and entering numbers, there are several advanced methods of entering data in DoorLoop's budgeting feature, letting you create budgets as efficiently as possible.

  1. When entering an amount into the Total column, the amount will evenly distribute between all the dated columns to the right of it.

  2. When clicking on a cell in any other column, the copy icon will appear at the right of the cell. Clicking on the icon will copy over the entered amount to all columns to the right.

  3. Selecting the checkboxes on the left hand side will allow you to use the bulk actions above the table. You can either click them individually or use the topmost box to select them all.

    1. Click Fill Totals to enter an amount into the Total column of all the selected rows, and evenly distribute that value across the rest of the columns, in just 3 clicks.

    2. Click Clear Data to clear any data entered in all of the selected rows.

Use Reference Data for Your Budget

You can use previously created budgets or actual financial data as a reference when creating or editing a new budget. This is extremely useful in setting a baseline and enabling maximal accuracy in your projections.

  1. Click the Reference Data field, just below the Budget Name field, to view the reference data dropdown. If you do not have any previously created budgets or actual data for the selected property or portfolio, then the reference data dropdown will be empty.

  2. Select actuals from a specific year or a previously created budget. The reference data appears below each input, for you to use as a baseline while editing your budget.

  3. Once you have selected reference data to be presented, a few new features will become available.

    1. When using actual financials from your account as reference data, select the the Accounting Method to specify if you would like the data to be presented using the Cash or Accrual method.

    2. Click on the Show reference data toggle to seamlessly show/hide the presented reference data.

    3. Selecting the checkboxes on the left hand side will allow you to use the Fill With Reference Data action above the table. You can either click them individually or use the topmost box to select them all.

      Click Fill With Reference Data to fill the selected rows with the reference data presented below each field. (You will still be able to use this action if the Show reference data toggle is off).

Your budget is now set up and ready to track against your actual financial performance.

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