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.
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!
You can use journal entries for many different transactions and adjustments. This example will show you how to set an account opening balance using a journal entry.
From anywhere in DoorLoop, click on the + Create New button in the upper left and select Journal Entry in the Other Transactions section.
Set the Entry Date and select the Property associated with the account.
On the first line, from the Account drop-down, select the account you're entering the opening balance for and add an optional Description.
Enter the balance for your account on the date you picked. Depending on the type of account:
Asset: Enter the opening balance amount in the Debits column.
Liability and Equity: Enter the opening balance in the Credits column.
On the next line, from the Account drop-down, select the Opening Balance account in the Equity section.
Enter the same opening balance amount in the opposite column as the first line. For example, if you entered the first amount in the Credits column, enter the next one in the Debits column.
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.
How do I edit or delete a Journal Entry?
Go to Reports and click on the Transactions List report in the Accounting section.
Filter the Type by Journal Entry and anything else you want to narrow down and find the journal entry you need to edit or delete.
Click on the line for the journal entry you want to edit or delete to open it.