If you are searching for an answer on how to make a journal entry in QuickBooks Desktop, then your search might end here. In general, QuickBooks journal entry is a way to record your financial transactions in the QuickBooks application. However, to do this, you need to have a good knowledge of accounting, or you may need an expert who can guide you in recording journal entries in QuickBooks. Read this post on how to make a journal entry in QuickBooks Desktop and do it on your own like a geek.
Need to talk to an expert on how to create a copy of the journal entry in QuickBooks Desktop? Give us a call on our helpline number 1.800.417.5147 and get immediate help
What Is A Journal Entry In QuickBooks?
Before we converse on how to make a journal entry in QuickBooks Desktop, let’s have a brief discussion on what is a journal entry in QuickBooks application. In easy words, a journal entry is a record of a transaction in which the total amount in the debit column equals the total amount in the credit column. Each amount (Debit and Credit) is assigned to an account on the chart of accounts. QuickBooks records the following transactions as GENERAL:
- Debits and Credits of the company.
- Money transfer between income and expense account.
- Money transfer to income or expense account from the equity, asset, or liability account.
Now that you have a fair understanding of the QuickBooks journal entry let’s see how to make a journal entry in QuickBooks Desktop.
How To Create A Journal Entry In QuickBooks Desktop?
The below-given steps elaborate on how to make a general journal entry in QuickBooks Desktop:
- Go to Company and select Make General Journal Entries.
- Now in the Make General Journal Entries window, change the Date field if you want that your entry gets recorded in a proper financial time period.
- After that, enter a number for your journal entry in the Entry No. Field. QuickBooks will automatically number the subsequent journal entries in a proper sequence.
- Next, enter the general ledger account number in the Account column.
- Proceeding further, enter the debit or credit amount for the account that you have selected into the Debit or Credit columns. Ensure that the debit and credit amounts are equal and then permit QuickBooks to post the entry.
- In the Memo column, enter a descriptive memo about the journal entry. (Optional, but can be helpful).
- Repeat the steps until the entries completely offset each other. The amount in the Debit column should be equal to the amount in the Credit column so that the transaction reaches a zero balance and the journal entry gets properly balanced.
- Hit Save and Close to save your journal entry and close the window. If you want to save the journal entry and open a new window, click Save & New.
These steps can answer your queries on how to make a journal entry in QuickBooks Desktop. If you want to make journal entries that affect a particular customer’s account receivable or a vendor’s account payable, put the vendor or customer on the first line of the entry.
How To Edit A Journal Entry In QuickBooks Desktop?
After making journal entries in QuickBooks Desktop 2020, if you want to edit it for some reason, the below-given steps can help:
- From within the Company menu, select Make General Journal Entries.
- Select Find and enter the Date, Name, Entry Number, or Amount and then hit the Find button.
- Now double-click the journal entry that you want to modify and then make the required changes.
- Click Save & Close when you are done.
- In the end, click Yes to save the changes.
Read More: How to Print Pay Stubs In QuickBooks?
Ask The Experts How To Make QuickBooks Journal Entries!
This post is a genuine attempt to help QB users with their queries on how to make QuickBooks Desktop journal entries. If you have any doubts related to this procedure, give us a call on our helpline number 1.800.417.5147. On connecting, you can get to know from experts how to make a journal entry in QuickBooks Desktop in simple steps.