As per traditional accounting rules, a journal entry is a systematic record of transactions where the total sum in the Debit section must be equal to the total sum in the Credit section.
In such transactions, each amount is allocated to an account on the chart of accounts.
For all kinds of day-to-day transaction entries, QuickBooks uses different forms like checks, bills, invoices, etc. and this leads to the creation of back-end journal entries automatically.
Journal Entries: A Brief Intro
Journal entries for QuickBooks comprise booking depreciation entries, loan interest adjustments, income tax provisions, etc.
If a business needs to create a journal entry, the following rules should be adhered to:
- Per entry, only a single Accounts Receivable or Accounts Payable
- To make an entry in Accounts Payable or Accounts Receivable, a vendor or a customer is required
- In the journal entry, Accounts Receivable and Accounts Payable account must be used in the second line
- When writing a program, if QuickBooks is used and the Accounts Receivable/Account Payable detail is gathered from another system, it is better to create the accounts using the Other Current Liability or Other Current Asset type accounts.
- All the journal entries should be considered on a cash basis.
How to show Journal Entries in Sales in QuickBooks?
In order to quickly view all the journal entries for any specific time-period in QuickBooks, you need to adhere to the following steps:
Total Time: 5 minutes
In your QuickBooks account, select the Advanced search option.
Choose the Journal Entries from the dropdown.
(Journal entries can be filtered or just can be left blank to view all. For historical journal entries, choose the date period from the dropdown menu of the Date filter.)
Select Journal Entry under the type column to look at the details.
Note: Viewing the list of journal entries is easy when the aim is to reconcile an account or locate the errors.
Once you are able to see all the journal entries that have been recorded, it will be of great help to reconcile your business accounts in QuickBooks.
Furthermore, QuickBooks helps you to rectify the mistakes you have possibly made by editing and registering the original form at any time. Also, to save previous records from any kind of accidental or sudden alteration, it is highly recommended to use a QuickBooks password along with a closing date.
The importance of journal entries in QuickBooks cannot be overlooked, since they highlight every minute detail. Hence, they prove to be very efficient for businesses.
However, for some business owners, who do not have expertise in handling QuickBooks, finding out the missing journal entries in QuickBooks is a hard nut to crack, and requires the expertise of a professional.
Need Professional Help?
For any such professional guidance or technical expertise, feel free to call the QuickBooks experts at smbaccountants.com.