Create and Edit Journal Entry in QuickBooks Online and Desktop

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Journal entries record financial transactions in QuickBooks Desktop and Online. Users can adjust transactions by creating journal entries. QuickBooks allows for the corrections and posting of entries through journal entries.

Each journal entry applies to one customer or vendor. Users must create separate entries for multiple customers or vendors. The process of creating and editing journal entries includes specific steps which are discussed in this article.

In this article, complete information on how to make a journal entry in QuickBooks Desktop and how to edit journal entries in QuickBooks Desktop is elaborated in detail.

Let’s begin by understanding what a Journal Entry is.

What is a QuickBooks Journal Entry?

Journal entries record complex transactions that are not relevant in standard categories like invoices or expenses. They monitor items such as depreciation, accrued expenses, and payroll.

Every entry includes the date, debit and credit amounts, a description, and affected accounts. Some entries may include tax details and subsidiaries. Journal entries ensure precise records and feed financial reports. Auditors review them for accuracy, documentation, and general transactions.

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What are the Reasons for Editing Journal Entries in QuickBooks?

Editing journal entries in QuickBooks is a common occurrence. Here is the list of the common reasons for editing journal entries in QuickBooks:

• Rectifying Errors: Fixing mistakes like wrong amounts, dates, or accounts.
• Updating Information: Displaying new or updated financial details.
• Modifying Financial Data: Ensuring precise financial reports after new developments.

How to Make and Edit Journal Entry in QuickBooks Desktop?

Journal entries handle compound transactions and balance accounts. Hence, handling them requires profound knowledge and expertise. Understanding debits and credits is important to learn how to create a Journal Entry in QuickBooks Desktop.

Here are the steps to learn how to record and how to Create a Journal Entry in QuickBooks Desktop:

How to Add or Enter a Journal Entry in QuickBooks Desktop?

To create a journal entry:

• Go to the “Company” menu and choose the option “Make General Journal Entries”.
• Complete the required fields.
• Ensure the debit and credit sections are equal.
• Click the “Save” or “Save & Close” button.

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How do you edit journal entries in QuickBooks Desktop?

Here are the steps to edit a journal entry:

• Go to the Company menu and choose the option, “Make General Journal Entries”.
• Find and choose the journal entry:
  • Windows: Click the “Find” button, add details (Name, Date, Entry No., or Amount), and click the “Find” button.
  • Mac: Choose the entry from the list available on the left.
• Click twice on the journal entry to make updates.
• Click the “Save” or “Save & Close” button.
• Click the “Yes” button to record the changes.

How do you reverse a journal entry in QuickBooks Desktop?

Here are the steps to reverse a journal entry in QuickBooks Desktop:

• Go to the Company menu and choose the “Make General Journal Entries” option.
• Find and choose the journal entry:
  • Windows: Click the “Find” button, enter details (Name, Date, Entry No., or Amount), and click the “Find” button.
  • Mac: Select the entry on the left side of the window.
• Click the “Reverse” option.
• Click the “Save” or “Save & Close” button.

The reversed journal entry shows an “R” beside the entry number. The debit and credit amounts are reversed. The new entry is on the first day of the next month after the actual transaction date.

How do you delete a Journal Entry in QuickBooks Desktop?

Here are the steps to delete or void a journal entry:

• Go to the Company menu and choose the option, “Make General Journal Entries”.
• Find and choose the journal entry:
  • Windows: Click the “Find” button, enter details (Name, Date, Entry No., or Amount), and click the “Find” button.
  • Mac: Select the entry on the left side of the window.
• To delete the journal entry:
  • Windows: Click the entry twice, click the “Delete” or “Void” button, then click the “OK” button.
  • Mac: Choose the “Delete General Journal” option from the Edit menu.
• Click the “Save & Close” button.

How to Make a Journal Entry in QuickBooks Online?

Here are the steps to record a journal entry in QuickBooks Online:

• Start a New Entry: Click the “+ New” button to start a new journal entry.
• Choose Journal Entry: Choose the Journal Entry option from the list.
• Choose the Account: Select an account from the Account field. Add the amount in the Debit or Credit column, depending on the entry type.
• Add the Amount: In the next line, select the opposite account and add the same amount in the opposite column.
• Double-Check Everything: Ensure the debit and credit amounts are the same and they balance.
• Add the Details: Include a memo to explain the journal entry.
• Finishing Up: Click the “Save and New” button or the “Save and Close” button.

How do you edit journal entries in QuickBooks Online?

Here are the steps to edit journal entries in QuickBooks Online:

• Sign in to QuickBooks Online.
• Go to the “Settings” option in the left menu.
• Select the “Chart of Accounts” option.
• Locate the account linked to the journal entry.
• Click the “View Register” option.
• Find the journal entry to edit.
• Click the journal entry to expand the details.
• Choose the “Edit” option to open the journal entry form.
• Perform the required changes.
• Click the “Save and Close” button to implement the changes.

Note: Ensure accuracy prior to saving to prevent inconsistencies in financial reports.

How to Delete a Journal Entry in QuickBooks Online?

Here are the steps to delete a journal entry in QuickBooks Online:

• Select the “Settings” tab and go to the “Chart of Accounts” option.
• Locate the account for the journal entry and choose the option “View Register.”
• Find the journal entry in the account register.
• Search for “Journal” in the Ref no. or type column.
• Choose the journal entry to expand the view.
• Click the “Delete” button and then click the “Yes” button to confirm.

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How to Create Adjusting Journal Entries in QuickBooks Online Accountants?

Adjusting journal entries helps to modify an account’s total balance. Accountants use them to record categorized transactions or rectify small errors.

Here are the steps to create adjusting journal entries in QuickBooks Online Accountant:

• Reallocate or reverse accruals
• Change tax payable
• Account for depreciation
• Add bank fees and interest

Conclusion

The journal is the primary book of accounts in QuickBooks. It records business transactions accurately, limiting errors and making corrections smoother.

Journal entries include explanations, assisting in comprehending financial activities. They set up opening balances, move values manually, and ensure the right reporting. Business owners can change accounts as needed via journal entries.

For any kind of queries or questions regarding how to make and edit journal entries in QuickBooks Desktop and Online, reach out to us.

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