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 use of journal entry will mess up all kinds of reports. It is better to avoid writing a journal entry unless for recording certain specific transactions that cannot be recorded by other designated forms in QuickBooks.
A perfect example to write a journal entry would be for recording depreciation expense or write off a certain prepaid expense in QuickBooks. Certain year-end adjustments by auditors are commonly recorded by way of journal entries in QuickBooks.
For example, how to write a journal entry for depreciation expense of $1,000.
Depreciation expense —> Debit —> $1,000
Accumulation Depreciation —> Credit —-> $1,000
Where is the Journal Entry located in new QuickBooks Online?* See article link below, if you don’t see Journal Entry when clicking “+ New”Create. In 2020, they have added the “User View” feature.
From the homepage screen,
- Select Create “+ New” icon (Left-Dashboard)
- Select “Journal Entry” under the “OTHER” heading
How to make Journal Entry line items billable?
In QBO, there is no way to make Journal Entry billable like in the QB desktop version. Instead, you will enter as vendor expense, check, or bill. Then you can make it billable expense to customers or clients.
How do I make a journal entry in the new QuickBooks Online? There is no tab to do so when I click the “+ New” button.
If you’re seeing the “MiniView” screen and not seeing “Journal Entry” under “Other” header, click the “Show More” link at the bottom to expand the screen.
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 for old Journal Entries?
From the homepage screen
- Select the “Search” button (magnifying glass at the top upper-rightcorner)
- 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