You can make journal entries in QuickBooks to adjust or correct transactions and post entries that cannot be performed in other ways, such as adjustments to. Go to the Company menu and select. Fill out the fields to create your.
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What Are General Journal Entries in QuickBooks?
The QuickBooks program is designed to automate certain aspects of financial management and accounting, and can help you manage your business accounts. QuickBooks records certain data automatically when transactions occur -- for example, at point of sale in a retail or other commercial organization. However, sometimes you may need to record data manually, which is what general journal entries are intended for.
QuickBooks is accounting software, so its purpose is to record and manage your business accounts. In most cases business managers manage the finances of a company in conjunction with professional accountants. QuickBooks is designed to function within this context, as you can import and export accounts for your business, allowing you and your accountant both to carry out alterations on the data.
The accounts generated by QuickBooks should ideally contain everything you need to keep your business's finances in order. For certain businesses, and depending on how QuickBooks is set up, your accounting information may not be complete without manual additions to the data that is collected automatically. For example, if you need information that is not automatically generated and recorded as part of your transaction process, you may need to make a manual addition using a general journal entry.
With general journal entries in QuickBooks, managers and accountants can record transactions, or transfers of amounts between accounts. To add a general journal entry, choose "Company," then "Make General Journal Entries" within the QuickBooks interface. From there you can enter the details of the entry, including which accounts the data is associated with, the debit or credit in question, any customers, employees or others associated with the data, and other optional information.
General journal entries present a range of options. For example, you can opt to include a memo, which will then appear in your QuickBooks reports, or specify that an amount entered is billable, which automates the billing process for the transaction. The details you include in a general journal entry depend on the nature of the data you are recording, but your distribution lines must result in a zero balance when the entry is complete.
Sue Smith started writing in 2000. She has produced tutorials for companies including Apex Computer Training Software and articles on computing topics for various websites. Smith has a Master of Arts in English language and literature, as well as a Master of Science in information technology, both from the University of Glasgow.