DoorLoop

Journal entries record business transactions in the accounting records of a business. As you create transactions and enter data in DoorLoop, we handle the journal entries for you. 

However, if you have accounting knowledge you can also create your own journal entries in DoorLoop. 

Note: We don’t recommend creating your own journal entries unless you have the appropriate accounting knowledge. Or, you could <a href="https://support.doorloop.com/en/articles/6106066-adding-users" rel="nofollow noopener noreferrer" target="_blank">give your accountant direct access to DoorLoop</a> to handle your accounting for you!

You can use journal entries for many different transactions and adjustments. This example will show you how to set an <a href="https://support.doorloop.com/en/articles/6206586-setting-opening-balances" rel="nofollow noopener noreferrer" target="_blank">account opening balance</a> using a journal entry.

To create a journal entry, click on the + Create New button in the upper left and select Journal Entry in the Other Transactions section.

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

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.

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. In this example with the opening balance, the first line would be your Asset Account (Bank) and the second line is the Equity Account (Opening Balance) category.

- Asset: Enter the opening balance amount in the Debits column.
- Liability and Equity: Enter the opening balance in the Credits column.

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. In this example with the opening balance, the first line would be your Asset Account (Bank) and the second line is the Equity Account (Opening Balance) category. 
 
 - Asset: Enter the opening balance amount in the Debits column.
 - Liability and Equity: Enter the opening balance in the Credits column.
 
 
 
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 GL should be a Debit or a Credit.

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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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