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Create a Journal Entry

Users with advanced accounting knowledge can create their own journal entries.

Samuel avatar
Written by Samuel
Updated over 3 weeks ago

Overview

Journal entries are used to record business transactions within a company’s accounting records. However, 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. Or, you could 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 button in the upper left and select Journal Entry in the Other Transactions section.

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

  3. Next, mark this journal entry as a One Time Journal Entry or a Recurring Journal Entry. 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.

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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