How to Create Journal Entry in QuickBooks Desktop?

A journal entry in QuickBooks Desktop is a manual method to record financial transactions directly into the general ledger. It is used for adjustments, corrections, or complex transactions that cannot be entered through standard QuickBooks forms. Each journal entry follows the double-entry accounting system, ensuring that debits equal credits. This tool is important for accountants and advanced users who need precise control over account balances.

Steps to Create Journal Entries in QuickBooks Desktop

Check out the following methods for recording journal entries in QuickBooks Desktop 2024:

Step 1: Access the Journal Entry Feature

• Click the + icon at the top right of the screen.
• From the drop-down menu, select Journal Entry.
• A new window will appear for entering the required information.

Step 2: Enter date and journal number

It should be noted that the journal entry form in QuickBooks Online is not overly difficult.

• Adjust the journal date if needed. By default, QuickBooks fills in the current date.
• If using a different date, update it first.
• Enter the journal number manually, or allow QuickBooks to assign it automatically.

Step 3: Fill in Required Details

• Accounts: Select accounts from the chart of accounts.
• Debits and Credits: Ensure the debit and credit amounts are equal. Debits should be entered first.
• Description: Add a description for the transaction.
• Name: Choose a client, vendor, or employee if applicable.
• If the debit and credit totals do not match, change the distribution line.

Step 4: Save the Journal Entry

• Verify all details and total the debits and credits.
• Select a recurring journal entry schedule if needed. 
• Click Save & Close to save and exit, or Save & New to save and open a new entry window.

See More: Adjust Journal Entries In QuickBooks Online

Steps to Edit a Journal Entry in QuickBooks Desktop

1. Open the QuickBooks Desktop application and log in to your company file.
2. Go to the Company menu and select Make General Journal Entries.
3. In the General Journal window, click the Find button or use Ctrl + F to search for the specific journal entry.
4. Use the filters (e.g., date, amount, or entry number) to locate the journal entry you want to edit.
5. Select the entry from the search results and click Go To.
6. Make the necessary changes to the accounts, amounts, or other details in the journal entry.
7. After editing, click Save & Close or Save & New to save your changes.
8. Review your updated reports (e.g., General Ledger or Trial Balance) to ensure accurate edits.

Steps to delete a journal entry in QuickBooks Desktop

If you made a journal entry by mistake, you must follow the instructions below to permanently remove it. If done incorrectly, this can result in an unbalanced account. Furthermore, if you ask your accountant to evaluate the books, they can make an adjusting journal entry rather than deleting it. The procedures to delete a journal entry in QuickBooks Online are:

• Choose the settings tab and navigate to the chart of accounts.
• Furthermore, find the account for which you created the entry and then select view register.
• Once that is done, locate the journal entry in the account register.
• The word Journal should appear in the Ref No. or Type column.
• The next step is to select a journal entry to broaden the scope.
• The user will then need to click on the delete and yes tabs.

See More: Upgrade QuickBooks Desktop version 2024

Conclusion

Journal entries in QuickBooks Desktop are important for recording manual transactions, quickbooks reconciliation adjustments, and ensuring accurate financial records. By following the outlined steps, you can create, edit, or delete journal entries with ease. Always verify that debits and credits are balanced to maintain accurate accounts. Consult an accountant for complex transactions or adjustments.

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