Journal is a basic record of transactions maintained by any organization irrespective of the fact whether it is a big or medium sized enterprise. All the transactions from the journal are shifted to ledgers which are used for creating financial statements such as balance sheets, profit and loss statements, and so on.
In QuickBooks, you can explicitly record transactions in a journal for better organization of data.
Note: Journal Entries have two sides to a transaction; credit and debit. You need to be aware of the accounts that will be credited or debited when a transaction is recorded. Debit transactions are what go out and credit what comes in. With this simple rule, you can enter journal entries in QuickBooks.
To Enter Journal Entries in QuickBooks, Following Steps Need to be Followed:
- Open the Company File in which you want to record the transaction.
- Click on Make General Journal Entries.
- Select Date for the Transaction.
- If the entry no. isn’t available, then type one manually.
- Enter relevant details for the transaction. Here are some important details than you must enter:
- Type in the amount for debit or credit.
- Enter a description for the transaction.
- Select Accounts Payable or Receivable if the transaction pertains to any of them.
- Enter details of the second party, like vendor or customer.
- Select the Class, if any, for the transaction.
- Click on Save and Close.
Premier and Enterprise versions of QuickBooks provide better details and summary about the entries. Still, with Pro, you can maintain a chronologically ordered General Journal. If you’re not sure about the debit and credit accounts, then reach out to our team of QuickBooks tech support experts. They will help you with the same at anytime.
Create Reports with Journal Entries
Once you have saved a substantial amount of entries into the general journal, you can use the data for creating comprehensive reports. These reports provide an in-depth look into the operations of your business. With these reports, you can formulate future goals and strategies to minimize expenses.
To Create a Simple Profit and Loss Report in QuickBooks:
- Open QuickBooks.
- Click on Reports.
- Select Profit and Loss Statement.
- Enter the Financial Period. This would be the starting and ending data for the report. All transactions in the range of these dates will be considered when creating the report.
- Click on Create Report.
- Go back to Reports menu.
- Click on the newly generated Profit and Loss Statement.
You have plenty of different options when working with QuickBooks. The ample number of templates available will blow your mind. Customized templates can be downloaded and used inside this QuickBooks accounting software.
Other important features in QuickBooks include inventory management, customer management, vendor management and so on. Invoicing is yet another key feature that you can employ for your business.
RepairContact QuickBooks Tech Support Team
Here at RepairContact, we provide round-the-clock QuickBooks accounting assistance. A team of certified QuickBooks ProAdvisors are always available to help you with any functionality or tool available in this accounting software. QuickBooks help team can further assist you with data recovery and remote support.
To know more, feel free to contact our QuickBooks helpdesk at ✆+1-855-548-3395(Toll Free)
What other types of reports that can be created with QuickBooks?
With QuickBooks, you can create many different categories of reports including, sales report, accounts payable report, balance sheet, trial balance and so on. Further, you can customize the templates available for these reports.
How to transfer these entries to General Ledger?
With QuickBooks, you do not have to worry about this. All entries recorded in the General Journal are automatically transferred to the Ledger.