Overview
One of the most important decisions you have to make in DoorLoop is choosing your Accounting Start Date. This is the day you begin tracking your property accounting in DoorLoop. Everything from before this date is summarized in DoorLoop by setting opening balances, and you enter all transaction details from this date forward in DoorLoop. In other words, this is the day you move away from your old system and begin doing business in DoorLoop.
Once you implement your accounting start date, DoorLoop recommends not changing it unless you are comfortable with advanced accounting principles. Review this article for a more detailed explanation on what will happen if you change your account opening balances as part of changing your accounting start date.
Proceed carefully!
The Steps
Tip: If you have advanced accounting knowledge, you can also adjust your opening balances using journal entries.
To edit your accounting start date or opening balance on a bank account, click Accounting on the main menu and then click on Banking.
You should now see a list of your bank accounts. Find the account you’d like to change your accounting start date for and click on the 3 dots icon to the right of it. Then click on Edit.
From the Edit Account window, click on the Opening Balances tab.
Inside the Opening Balances menu, you should see text that says “You already entered your opening balances for this account.” Below that, click the blue Click here link.
A new tab will open and you'll now be on the Edit Bank Deposit window, there are several changes you can make to the opening balance:
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, and you’re done changing your opening balance!
Close the tab and you'll be back to your original tab with the Edit Account window.
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: This is something that we generally do not recommend for most users to do, but if you are one of those people who needs this functionality for accounting purposes, the option is there.
If you have reconciled your bank account, you will not be able to edit your accounting start date or opening balance. You need to delete all your past reconciliation data in order to update the date and balance.
Next Steps
*Highly Recommended* If you’d like to go over what an Opening Balance is and how to set it, please refer to our Setting Opening Balances article.