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General journal entries present a range of options. For example, you can opt to include a memo, which will then appear in your QuickBooks reports, or specify that an amount entered is billable, which automates the billing process for the transaction. The details you include in a general journal entry depend on the nature of the data you are recording, but your distribution lines must result in a zero balance when the entry is complete. Sue Smith started writing in She has produced tutorials for companies including Apex Computer Training Software and articles on computing topics for various websites.
Smith has a Master of Arts in English language and literature, as well as a Master of Science in information technology, both from the University of Glasgow.
By Sue Smith. Recording QuickBooks is accounting software, so its purpose is to record and manage your business accounts. Accounting The accounts generated by QuickBooks should ideally contain everything you need to keep your business’s finances in order. Process With general journal entries in QuickBooks, managers and accountants can record transactions, or transfers of amounts between accounts.
Options General journal entries present a range of options. QuickBooks Support: Journal Report. Accounting transactions can get entered incorrectly into an accounting system, or perhaps a transaction should have been split into two different general ledger accounts, for example.
Either way, when this happens you have to make changes to your original transaction after it’s been recorded, and you can do this easily in QuickBooks accounting software by making a journal entry. You can make journal entries in QuickBooks to adjust or correct transactions and post entries that cannot be performed in other ways, such as adjustments to profit or loss.
The journal entry process is fairly straightforward, but you can only make a journal entry for one customer or vendor at a time. If you want to correct multiple customer or vendor balances this way, you’ll have to post separate entries.
A general journal entry is an accounting transaction that is entered, or posted, directly to the general ledger. A company’s general ledger acts as its main group of accounts used to record balance sheet and income statement transactions. All your accounts would then be in proper order, and you wouldn’t have to change the amount owed by your vendor because that portion of the transaction was recorded properly. Your certified public accountant or bookkeeper might want to make journal entries to complete year-end activities, such as posting tax adjustments to your books, recording depreciation expense or reclassifying revenues and expenses.
Record a Journal Entry in QuickBooks Desktop (4 Easy Steps)
Search for:. Accounting transactions can get entered incorrectly into an accounting system, or perhaps a transaction should have been split into two different general ledger accounts, for example. Sign in for the best experience Ask questions, get answers, and join our large community of QuickBooks users. Options General journal entries present a range of options. All your accounts would then be in proper order, and quickbooks point of sale 10.0 download wouldn’t have to change the amount owed by your vendor because that portion of the transaction was recorded properly.