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Create a Journal Entry

Manually create custom journal entries in DoorLoop for advanced accounting adjustments and transactions.

Written by Samuel

Overview

Journal entries are used to record business transactions within a company's accounting records. As you create transactions and enter data in DoorLoop, the system automatically generates the corresponding journal entries on your behalf.

For users with advanced accounting expertise, DoorLoop also provides the flexibility to manually create custom journal entries when needed.

Note: We don't recommend creating your own journal entries unless you have the appropriate accounting knowledge. You could also give your accountant direct access to DoorLoop to handle your accounting for you.

The Steps

You can use journal entries for many different transactions and adjustments.

  1. To create a journal entry, click on the Create New at the top of the main menu. Then under the Transactions section, click Journal Entry.

  2. On the Journal Entry window, select the Property associated with the account.

  3. Next, select One Time Journal Entry or a Recurring Journal Entry. For One Time Journal Entry, set an Entry Date. If it's a Recurring Journal Entry, be sure to enter the Start Date, End Date, Frequency, and if this will Repeat Forever or not.

  4. A journal entry requires two entries - one for the debit (DR) side and another for the credit (CR) side. This double-entry system ensures that the accounting equation remains balanced.

  5. When you're done, click Save.

If needed, create additional journal entries to enter accounts receivable, accounts payable, sales tax payable, and anything else that wasn't included in the initial journal entry.

Tip: This chart below can be used to decide if your General Ledger should be a Debit or a Credit.

The journal entry is now recorded in your accounting records.

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.

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