Overview
DoorLoop recommends only entering financial data after your accounting start date, to keep your DoorLoop account accurate and match your real-world bank balance. However, you can enter historical financial information if needed, using journal entries.
The Steps
To create a new journal entry, click Create New at the top of the main menu. Then under the Transactions section, click Journal Entry.
This brings up the Journal Entry window — this is where you'll enter your data for historical transactions. Set the Entry Date and select the Property associated with the journal entry.
A journal entry requires at least two entries — one for the debit (DR) side and another for the credit (CR) side. This double-entry system ensures the accounting equation remains balanced. [Screenshot: Debit and Credit reference chart for journal entries] Check your balance sheet or profit and loss report to determine how these entries should be entered. If it's a positive value on the balance sheet/P&L, debit Expenses and Assets, and credit Liabilities, Equity, and Revenue. If it's a negative value, do the opposite. Any leftover balance can be either debited or credited to the opening balance.
(Optional) Add a memo or any files.
Click Save to finish.
The historical transaction is now recorded in your journal entries.
It is recommended that you contact an accountant to verify that the journal entries you made are correct and compliant.
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.