How To Create Journal entry in QuickBooks Desktop?
Journal entries can be used in QuickBooks to modify or correct transactions and post entries like profit and loss adjustments. It is essential to note that only one journal entry can be created for each vendor at a time during the journal entry process. If you want to correct the balances of different vendors, you will have to create distinct entries. Let us read the article to learn more about creating journal entry in QuickBooks desktop
Why Record Journal Entries in QuickBooks?
Creation of Journal entries offers several advantages. Some of the chief advantages are enlisted below:
- Similar to other accounting software, you can manually record debits and credits.
- Moving money between income and expense accounts becomes simple.
- Users can go for transferring of the funds from asset, liability, or equity account to an income or cost account.
Walkway to create Journal Entries in QuickBooks Desktop
Perform the below procedure for successfully creating Journal Entry in QuickBooks Desktop.
- Select the Company option.
- After that, go with Make General Journal Entries option.
- Modify the Date field in the Make General Journal Entries window. For publishing an entry corresponding to an earlier month or year, change the date. This will guarantee that the appropriate financial time period is used to log your submission.
- Give the journal entry a number in the Entry No. field. The succeeding journal entries will be sequentially numbered by QuickBooks.
- Then, enter the General ledger account number in the Account field.
- Alternately, select the first account from the drop-down selection in the Account column.
- Enter the debit or credit amount for the account you have selected in the Debit or Credit columns. Verify that the debits and credits are equal in order to make the entry balanced.
- After that, enter a comprehensive memo in the Memo Column. Reports including this journal entry will include it. Although this step is optional, it is advised so that you are later reminded of why you made the entry.
- Keep doing the aforementioned actions until all entries have been offset and the transaction balance is zero. A correctly balanced journal entry will result from the sum in the Debit column matching the sum in the Credit column.
- Select the Save & Close option to save the journal entry.
- Select Save & New if you want to start a new window when you finish creating this Journal entry.
You may also read: Fix QuickBooks error 1402
I hope the above discussion should help you to create journal entry in QuickBooks Desktop. If users want live QuickBooks Support technical assistance from certified experts, they can call our team of professionals at 1-800-761-1787.