How To Edit, Create & Import Journal Entry in QuickBooks Online

The accounting transactions that are entered directly into a general ledger are called journal entry.  They are used as last resort to document and record financial transactions when there is no designated form setup for them. They are also used to transfer funds within different accounts in QuickBooks Online.

Basically, in accounting, journal entry has two parts – a debit and a credit. As you know its a rule that the total of the Debit column is always equal to the total of the Credit column. QuickBooks Online feed the transactions in the register or account history as a journal transactions and journal entry on the report where transactions are listed.

You can use a journal entry if:

  • When you have to send money between income and expense accounts.
  • When you need to transfer money from an asset, liability, or equity account to an income or expense account.
  • You prefer the traditional system of accounting, that is, entering debits and credits in a general journal or ledger.

Always remember that you should only use journal entries in QuickBooks Online when money is being moved between transactions and QB accounts.

How to create a journal entry in QuickBooks Online

how to make a journal entry in quickbooks online

You should always discuss with an accounting professional for advice If you have no idea for which account receives the Debit and the credit side of a transaction.

Now follow the given instructions to create a journal entry in QuickBooks Online:

  • On the top, choose the Plus icon (+) And then select Journal Entry.
  • Enter the transaction date In the Journal date field.
  • You can put a journal number for a transaction in the report, so you can easily identify the transaction. ( It’s optional)
  • Enter the first distribution line.
    • Accounts: Any account in the Chart of Accounts.
    • Journal Code (France only):  Enter the journal code associated with the account. If it’s necessary then you can add a new journal code. You have to use the same journal code which is associated with the transaction for both the debit and credit accounts.
    • Debits or Credits: Normally the first line is Debits. You can find these transactions in the recent transactions report. Check if Debit had changed according to your choice or not After you save the transaction.
    • Description (Optional): you can enter the description to see the details of the transaction on reports.
    • Name: Select a customer, vendor/supplier, or employee associated with the line, if any.
  • If the sum of the Debit column entries does not equal the sum of the Credit column entries. Continue to enter distribution lines until the sum of both transactions is equal.
  • Choose to create recurring to make a recurring journal entry schedule (it’s optional)
  • Now Save the transaction.

How To Edit Journal Entry in QuickBooks Online

Follow the below steps to edit Journal entry in QuickBooks

  • Go to the Settings ⚙️ and look for the Chart of Accounts.
  • Find the appropriate account for the transaction.
  • Go to the Action column, and click on Account history.
  • Click on the journal entry and choose Edit.
  • Click on Reverse under the transaction window,
  • Select Save and close or Save and new.

How to export journal entry from QuickBooks

There are two cases:

Case 1: If there are existing journal entries then-

  • From the accountant, menu select send general journal entries.
  • Select one of the following:
    • Choose from the dates drop-down
    • Enter the appropriate date in the form and to date to filter the list of journal entries.
  • Check the box next to the journal entry you want to export.
  • You can edit the journal entry before sending although it is optional. Follow the steps to edit journal entry:
    • Select the link in the accountant column.
    • Go to the make general entries window and update the entry.
    • Select save and close.
  • If you want to verify that your recipient imports all the journal entries, uncheck the Allow recipient to select which GJEs to post to file box.
  • Send the journal entries to the recipient:
    • Click on the email as an attachment to send the journal entries now.
    • Select save as the file to save the journal entries as a .QBJ file that can be attached to an email.

Case 2: If there are no existing journal entries

  • From the attachment menu, select make general journal entries.
  • Enter a journal entry then save it.
  • Select send GJEs.
  • You can edit the journal entry before sending although it is optional. Follow the steps to edit journal entry:
    • Select the link in the accountant column.
    • Go to the make general entries window and update the entry.
    • Select save and close.
  • If you want to verify that your recipient imports all the journal entries, uncheck the Allow recipient to select which GJEs to post to file box.
  • Send the journal entries to the recipient:
    • Click on the email as an attachment to send the journal entries now.
    • Select save as the file to save the journal entries as a .QBJ file that can be attached to an email or transferred to portable media.

How to import journal entries in QuickBooks Online from excel

Before importing journal entries, make sure there must be no pending accountant’s changes.

  • Go to the File menu, then select utilities then click on import and choose general journal entries.
  • Select the file you have downloaded and saved on your computer.
  • If you don’t want to import a journal entry:
    • from the add general journal entries go to your file window and select each journal entry to review the details.
    • Remove the checkmark next to the journal entry you want to remove.
  • Select add GJEs.
  • Select ok on the GJEs import summary window.

A few things to remember:

  • Each currency must have its own journal enter because QuickBooks Online does not support multi-currency in a single journal entry. Sometimes multiple currencies do not convert to the correct rates.
  • To show on the sales or expense tab, make sure that the entry has a line for either Account Receivable or Accounts Payable. And also the name of the vendors or customers.
  • You can see the additional columns for location and class If you are using QuickBooks Online Plus. And the feature of Classes and Locations tracking is turned on.
  • If any entry created by mistake and you need to correct the transaction. You can delete or reverse a journal entry.

Frequently Asked Questions

What is an adjusting journal entry?

An adjusting journal entry can be defined as an entry in a company’s general ledger that arises at the end of the accounting period. An adjusting journal entry is used to record any unrecognized income or expenses or the transactions that have occurred but have not been properly recorded according to the accrual method of accounting.

How to find a journal entry?

You can find a journal entry by following the steps-

  • Open the journal entry.
  • Go to the upper left corner and click on the click icon for recent entries.
  • Click more to expand the list of old journals.

How to change a journal entry number?

Ans- It is easy to change a journal entry number. follow the given steps to change journal entry number-

  • Select the gear icon, then click on the account and settings.
  • Select the sales tab.
  • Now select the sales from the content section and enable the custom transaction numbers.
  • Click save and done.
  • Select the plus(+) icon and select the journal entry. 

Wrapping up

I hope this article will help you to understand the process of how to make a journal entry in QuickBooks Online as well as how to export, import, edit, enter & find them. If you still need help then feel free to contact us at our tall-free helpline number +1-855-441-4417 and talk to a QuickBooks ProAdvisor.

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Author: Editorial Team
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