Journal entries are individually recorded business transactions in your business books. In simpler words, a journal entry is a history of all your business transactions. Journal entry includes all types of transactions like selling goods and services, exchange of money, interest payments, expenses, depreciation, and payroll costs.
A Journal entry is recorded in the general ledger, but it can also be recorded in a subsidiary ledger that is summed and then rolled forwards to a general ledger account. The general ledger is the final report on all accounts in the business. A journal entry includes information such as how much cash the business has, how much money it owes, what it owns, and the value of the business. It also includes how tax much tax is given by the company.
A journal entry is based on double-entry bookkeeping that requires two separate entries on debit and credit account books. Let’s try to understand this with an example,
You are a business owner and bought a laptop for your employees. You paid $300 for this laptop. According to double-entry bookkeeping, you have to provide two separate entries for the transaction. Firstly, you have to add $300 to your debit account and deduct the same amount from your credit account. At the end of every account, this is how double-entry bookkeeping works in accounting.
Journal entries are complicated if done manually for large businesses as this requires a lot of computing time. QuickBooks is an accounting software that helps users easily fill out journal entries for their accounts. This can be done by easily creating journal entries on their desktop and online software. If you want to learn about How to Edit and Delete a Journal Entry in QuickBooks Desktop and Online you are at the right place. Let’s get started.
How to Edit Journal Entry in QuickBooks Desktop
- Open QuickBooks and go to the Company menu.
- Go “Make General Journal Entries” and click “Find”.
- Enter the date, name, and amount for your journal entry.
- Double-click on the journal entry to view the updated journal.
- Save the journal by clicking on “Save and close”.
- To edit a journal, click on “Yes” at the pop-up.
Steps to Delete a Journal Entry in QuickBooks Desktop
- Open QuickBooks and go to the “Company’s tab” option on the upper left-hand side of the menu.
- Go to “Make Journal Entries” on the navigation panel.
- Click on the Previous or Next tab at the bottom and find the desired entry your want to delete.
- On the top of the menu choose “Edit” and go to “Delete General Journal” at this step.
How to Delete a Line in a Journal Entry in QuickBooks?
There could be thousands of journal entries in a single journal. Times may arise when you are required to delete a single journal entry. Follow these steps and you will know how to delete a single journal entry in QuickBooks.
- Open QuickBooks and go to settings (gear-like icon on the right top of the screen)
- On the drop-down menu, open the chart of Accounts.
- Go to “Account history”.
- On the “Action Column” find the desired transaction that you want to delete.
- On the bottom of the screen, click on the delete button. The selected entry will be deleted once you confirm it in the wizard.
How to Delete Multiple Journal Entries in QuickBooks Online?
- Open QuickBooks, and go to the “Banking menu” option.
- Choose the account where you want to perform the deletion.
- Click on the “Review” tab before deleting.
- Select several entries which you want to delete.
- Go to the “batch actions” and apply “exclude selected options”
- (Note: If you wish to delete only the marked option do not apply the “exclude selected options” at this step.)
- Finally, use the “delete” option to delete multiple journal entries in QuickBooks.
How to view the Audit log of Deleted Entry?
- Open QuickBooks and click on the Gear icon in the top right corner.
- From the drop-down menu, go to the “Audit log” option.
- Use the filter from the list and go to “All users”.
- On the date, field chooses the “All Dates” option.
- In the field of events, mark all transactions.
- Click on the “Show field” and go to “Deleted/voided transactions.”
- Apply all the final changes by using the “Apply” tab at the bottom.
- All the deleted journal entries will be present under the “View” option.
- choose “Added history” and note all the details of the transaction.
How to Recreate the Journal Entry
- On QuickBooks go to “+” to create a new entry.
- Choose “Journal Entry” from the list in the menu.
- Fill in all the details like the Journal date along with other details.
- Click on the Save and Close button to file a new journal entry.
WHAT TO INCLUDE IN A JOURNAL ENTRY?
Journal entries are an important part of accounting and should not be recorded properly but it should also be known what things must be included in the entry itself. We have prepared a few pointers that will help you to easily identify the point that must be added in a good journal entry.
A good journal entry has the following components:
- The date of the transaction.
- The account number and account name. This should be for all the accounts respectively.
- The credit and debit amount for each transaction.
- A reference number for each transaction. This will be a unique identifier for the transaction.
- A brief description of the transaction.
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