What is a general journal entry in QuickBooks?
In QuickBooks general journal entry in QuickBooks
Enter transactions within the ancient system of accountingmistreatment debits and credits in an exceedingly general journal or ledger.
- Transfer amounts from one income or expense account to another.
- Transfer amounts from an asset, liability, or equity account to an income or expense account.
- Transfer amounts from one class to another.
- Enter miscellaneous transactions to complete year-end activities.
To create a journal entry:
When creating journal entries, you wish to grasp that account receives the debit and also the accounting system of dealings. it’s best that you simply consult your accountant or accounting skilled for steering before making journal entries.
From the QuickBooks Company menu, choose Make General Journal Entries.
(Optional) In the Make General Journal Entries window, change the Date field.
The Entry No. should automatically populate. If not, type a number for your journal entries. QuickBooks Desktopcan mechanically range subsequent journal entries.
Enter the General Journal Entry details.
- Enter or select the first account in your transaction. If you are using an A/R (accounts receivable) or A/P (accounts payable) account, the first account in the General Journal transaction should be the AR or AP account.
- Enter the debit or credit amount for the account you selected in step a.
- (Optional) Type a memo describing the transaction. This memo will appear on reports and will include the General Journal entry.
- Enter or select the Customer, Vendor/Supplier, Employee, or Other name associated with the transaction. This is required if you use A/R or A/P accounts.
- If you chose Associate in office account beside a client or job, you’ll be able to build the quantity billable to the client by checking the Billable column.
- (Optional) Assign a class to the amount.
- Repeat steps 4a through 4e to enter distribution lines until the transaction reaches a zero balance. The total in the Debit column should be equal to the total in the Credit column.
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