Tuesday, August 19, 2008

Here are a few tips on creating journal entries in QuickBooks:

Turn on auto-numbering:
Normally, QuickBooks numbers journal entries automatically. If this feature happens to be turned off, here's how to turn it on.
1. Open the accounting preferences. (Edit>Preferences> Accounting )
2. On the Company tab, select the “Automatically assign general journal entry number” checkbox.

Fill in memos automatically:
When you create an entry, select the “Autofill memo” checkbox. This is useful when you have many lines to enter and you want the same memo to appear on each line.

Reverse a journal entry:
If you use QuickBooks Premier Accountant or QuickBooks Enterprise Solutions, you can reverse any journal entry. Reversing a journal entry creates a new entry, dated the first day of the next month, which reverses the debit and credit amounts. Account assignments are not affected.
1. Open the journal entry.
2. Click Reverse.
3. If you have changed the entry since you last saved it, click Yes to confirm that you want to save your changes.

To view journal entries:
1. Go to the Reports menu and click "Custom Transaction Detail" Report.
2. Click the Filters tab and select the transaction type from the filter scroll box.
3. Click the Transaction Type drop-down list and choose Journal.
4. Click OK.
5. In the report, double-click the general journal transaction you want to view.(Balance sheet accounts only)
In the register that opens, click "Edit" to view the transaction in its general journal form. When the transaction originates in a balance sheet account, QuickBooks opens the account register and selects the transaction. If the transaction also has split detail, QuickBooks opens the Splits window so you can see how the amount of the transaction was distributed to different accounts, customers, jobs, or classes

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