Overview
When setting a bank account opening balance, if you had pending transactions you didn’t account for or you just plain set your opening balance incorrectly—don’t worry! You can edit your bank account opening balances at any time.
Tip: If you have advanced accounting knowledge, you can also adjust your opening balances using journal entries.
The Steps
To edit the opening balance on a bank account, click Accounting on the main menu, and then click Banking.
Click on the three vertical dots icon on the right side of the line for the bank account you need to change the opening balance for and choose Edit.
Click on the Opening Balances option in the left menu and then click on the Click here link to make adjustments.
Edit the deposit amount—or amounts if the opening balance is associated with multiple properties.
You can even change the property or properties associated with the opening balance, or add more using the + Add Line Item link.
You can also adjust the date. But be careful about changing your accounting start date unless you have advanced accounting knowledge!
Click Save when you are finished.
If you make any other changes to the bank account settings, click Save to exit the Edit Account window as well. Otherwise, you can click Cancel.
Note: You can not edit your opening balance if you have reconciled the bank account after entering your opening balance. You'll need to delete all your past reconciliation data to update the opening balance or add a general entry to adjust the opening balance.
That’s it! These changes will be reflected on the appropriate property balance sheets.
Things to Consider
Also make sure you are aware of how changing your opening balance date impacts your DoorLoop Balance and lease payments made before this date.
For example, perhaps you recorded a security deposit as a credit on a lease because you were already holding the money in your bank account's balance. Now you've changed that bank account's opening balance to a date before the security deposit was actually paid. This means rather than a credit to the opening balance, the security deposit payment should be recorded as receiving a lease payment. Delete the credit and create the payment.
If you change your opening balance to a later date, any payments you recorded that now come before this new date will need to be turned into lease credits instead of payments. Delete the payment and create the credit. (Or you can delete the payment entirely, because it will be reflected in the opening balance of the bank account.)