Overview
One of the most important decisions you make in DoorLoop is choosing your Accounting Start Date. This is the day you begin tracking your property accounting in DoorLoop — everything before this date is summarized by setting opening balances, and you enter all transaction details from this date forward.
Once you implement your accounting start date, DoorLoop recommends not changing it unless you're comfortable with advanced accounting principles. If you had pending transactions you didn't account for, or you just set your opening balance incorrectly, you can edit your bank account opening balance at any time. See The Consequences of Editing the Opening Balance of a Bank Account for a detailed explanation of what happens if you change your opening balance or accounting start date. Proceed carefully.
The Steps
To view the opening balance and accounting start date of a bank account, click Accounting > Transactions on the main menu.
Find the bank you want to view an opening balance and accounting start date on. Click on the 3-dots on the right of the bank account and select Edit.
On the Edit Account window, click the Opening Balances tab and then click the Click here link to make adjustments.
A new tab opens to the Edit Bank Deposit window, where you can view the opening balance, or make changes:
Edit the deposit amount — or amounts, if the opening balance is associated with multiple properties.
Change the property or properties associated with the opening balance, or add more using the + Add Line Item link.
Adjust the date — but be careful about changing your accounting start date unless you have advanced accounting knowledge.
If you made changes, click Save.
Close the tab to return to your original tab with the Edit Account window. If you made any other changes to the bank account settings, click Save to exit; otherwise, click Cancel.
The opening balance is now displayed, or updated if you made changes. Any changes are reflected on the appropriate property balance sheets.
Note: Editing the opening balance or accounting start date isn't recommended for most users, but the option is available if you need it for accounting purposes.
Note: If the bank account already has reconciliations on it, delete the past reconciliation data before updating your opening balance, or add a general journal entry to adjust your opening balance instead.
Things to Consider
Changing your opening balance date can affect your DoorLoop Balance and lease payments made before that date. For example:
If you recorded a security deposit as a credit on a lease because you were already holding the money in your bank account's balance, and you've now changed that bank account's opening balance to a date before the security deposit was actually paid — the security deposit payment should be recorded as a lease payment instead of a credit. Delete the credit and create the payment.
If you change your opening balance to a later date, any payments you recorded that now come before this new date need to become lease credits instead of payments. Delete the payment and create the credit — or delete the payment entirely, since it will already be reflected in the bank account's opening balance.
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.