A journal entry is to record a transaction in Journal type.
Journal entry is entered with knowledge of debits and credits assigned to specific accounts using a Chart of Accounts. The total of the debits must equal the total of the credits or the journal entry is said to be “unbalanced.”
QuickBooks is a form-based accounting program. It has specifically designed forms to enter each type of transaction. In QuickBooks, incorrect using of journal entry will mess up all kinds of reports. It is better to avoid write a journal entry unless for recording certain specific transactions which cannot be recorded by other designated forms in QuickBooks.
Perfect example to write a journal entry would be for recording depreciation expense or write off certain prepaid expense in QuickBooks. Certain year-end adjustments by auditors are commonly recorded by way of journal entries in QuickBooks.
Example, how to write a journal entry for depreciation expense of $1,000.
Drepciation expense —> Debit —> $1,000
Accumulation Depreciation —> Credit —-> $1,000
Where is general Journal Entry located in new QuickBooks Online?
From the homepage Screen,
- Select Create “+” sign (upper-middle)
- Select “Journal Entry” under heading
How to make Journal Entry line items billable?
In QBO, there is no way to make Journal Entry billable like in QB desktop version. Instead, you will to enter as vendor expense, check, or bill. Then you can make it billable expense to customer or client.
How do I make journal entry in the new QuickBooks Online? There is no tab to do so when I click plus (+) sign.
If you go up into the ‘Plus’ sign at the top of the home page and you do not see “Journal Entry under Other header, you may have to click “Show More” link at the bottom.
Can I delete Journal Entries all with one “Batch” move?
Sorry, they don’t have a batch action to delete journal entries.
How do I search old Journal Entries?
From the homepage screen
- Select “Search” button (magnifying glass upper-middle)
- Select “Advanced Search”
- Change filter search from “All Transactions” (default) to “Journal Entries”
- Click “Search Button”
- You can edit column selections if needed (select small gear, far right)
- You can print and export to excel as well.
Everything You Need Know About Tutorial Video: Journal Entry Debit and Credit