Here we will discuss ‘How to Reverse or Delete a Journal Entry in QuickBooks Online’. Through this article, you can learn more about the issue. But, if you are willing to get technical assistance for your query, you can get it now by contacting our QuickBooks Support professionals through the toll-free number +1-855-441-4417. Stay connected with our Intuit Proadvsiors to get complete support and immediate solutions.
As we know, QuickBooks is a great accounting bookkeeping software that helps users in performing various accounting financing tasks. Accounting involves journal entries to enter the transactions properly. You can reverse a Journal entry to update and correct it, but if you want to delete it then you can do it if it should not be recorded. This ensures that all your records are accurate.
What do you mean by Journal Entry?
A journal entry is used for recording the financial activities of the business enterprise. You have two choices in the context of recording journal entries either record in subsidiary ledgers(if you manually handle your books) or you can record directly in General ledgers(if you have QuickBooks accounting software).
Journal entries are always created with full date and description of the transaction. In most of the firms, Accountants, and Bookkeepers specifying a unique number for each journal entry while manually entering the transaction. But when we are talking about QuickBooks accounting software, it automatically generates a unique number for each journal entry.
Steps to Reverse or Delete a Journal Entry in QuickBooks Online
Check out the below steps to reverse or delete a journal entry in QuickBooks Online.
How to Reverse a Journal Entry in QuickBooks Online
In between two accounting periods, if you require to correct or properly allocate the transactions, or you want to correct your mistake without deleting the original entry, the basic option you have is to reverse the journal entry. Now look the steps you have to perform for reversing journal entry in QuickBooks Online.
- First Open “QuickBooks” and then go their “Settings ⚙️”
- After that, choose “Charts of Accounts”
- Now, Navigate the relevant account for the transactions. Then go to the Action column to choose “View Register”
- Find the journal entry which you want to edit, Once you get it, simply choose “Edit”
- In the Transaction Window, simply choose “Reverse”
At the time of reversing the Journal entry, a new entry is created with the original entry number followed by the R, provide the first date of the month following the first transaction, and the Original Transaction Debit and Credit card amount is reversed. It includes all the information including Account Name and Description for each distribution line. Both Account Name and Description must be the same as your original transaction.
- In the end, you can either choose “Save and New” and “Save and Close”
How to Delete a Journal Entry in QuickBooks Online
If you mistakenly created the journal entry, and you want to delete that entry, delete it by following simple steps. Your entry will be deleted permanently and you will never recover it once you applied all these steps on your PC.
- First of all, Open “QuickBooks” and then go to “Settings ⚙️”
- Now, choose “Charts of Accounts”
- After that, navigate the relevant account for the transaction
- Choose “View Register” from the Action column
- Pick the Journal entry and then choose “Delete”
- Choose “Yes” for approving and confirmation that you are ready to delete the transaction.
Note: If you are connected to your Company file, your accountant can also make an adjusting journal entry.
We hope that you found this article very helpful and now you know the step by step procedure of How to Reverse or Delete a Journal Entry in QuickBooks Online. If you are finding any difficulties in reversing and deleting the journal entries in QuickBooks Online or if you have queries in your mind regarding this then you should contact ProAdvisors. Our team has many years of experience, can quickly reply to any of your queries. To collect more details, contact our professionals as soon as possible.