Process To Create Journal Entry In QuickBooks Desktop for Windows
Journal entries in QuickBooks Desktop can be used to change or fix transactions and post entries like adjustments to profit and loss. The process to create journal entry in QuickBooks desktop for Windows is pretty easy, but you should keep in mind that you can only make one journal entry per vendor at a time. If you want to fix the balances of more than one vendor, you will have to make separate entries. Let's read the article to find out more. Meanwhile, if you feel need of technical support, just call our QuickBooks professionals at the helpline 1 800 761 1787.
Why record a Journal Entry in QuickBooks Desktop For Windows?
The various advantages of recording journal entries in
QuickBooks include:
•
You can manually enter debits and credits, just
like on other accounting platforms.
•
It's easy to move your money between your income
and spending accounts.
•
Finances can be moved from an account for an
asset, liability, or equity to an account for income or expenses.
Steps To Create Journal Entries In QuickBooks Desktop
•
In the beginning, you have to go to the "Company" option and then
choose the option to make General Journal Entries.
•
In the window that states Make General Journal
Entries, you need to change the "Date
field." If you want to post an entry for a previous month or year, you
have to change the date. This will make sure that your entry is made in the
right financial time period.
•
In the "Entry
No." field, give your journal entry a number. QuickBooks will give the
next journal entries numbers in a way that makes sense.
·
Then, type the "general ledger account number" in the "Account" column. You can
also choose the first account from the drop-down menu in the Account column.
·
In the "Debit"
or "Credit" column, write
the amount that you want to take out of or add to the account you've chosen.
Make sure that both the debits and the credits are the same amount.
•
Then, write a detailed memo in the Memo Column.
It will show up in reports that have this entry in the journal. This step is
optional, but it's a good idea so that you can remember why you made the entry
later.
•
Do the steps above again and again until the
entries cancel each other out and the transaction balance equals zero. The
total in the "Debit"
column should be the same as the total in the "Credit" column for a journal entry to be correct.
•
Choose "Save
and Close" to save the entry in the Journal.
•
Choose "Save
and New" if you want to open a new window when you're done writing
this journal entry.
You can make general journal entries in QuickBooks by
following the steps above. However, if you want to make journal entries that
affect a specific customer's account receivable or a specific vendor's account
payable, you'll need to put the customer or vendor's name on the first line of
the entry.
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