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.
If you have advanced accounting knowledge, you can also adjust your opening balances using journal entries.
From the dashboard, on the left hand side click on Accounting, then click on Banking.
You should now see your bank accounts. Find the account you’d like to change your date for, and click on the three vertical dots icon to the right of it, then click on Edit.
From the Edit Account menu, 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.
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!
Hit Save and you’re done changing your opening balance!
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.
Again, this is something that we generally do not recommend for most users to do, but if you are one of those people that needs this functionality for accounting purposes, the option is there.
*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.