How to View Journal Entries in QuickBooks Online? We’re here to simplify it. It is crucial to understand what journal entries are, how to make them in QuickBooks desktop/ Online, and why they are created. But before we get to the crux of the matter, let’s take a step-by-step approach.
What Are General Journal Entries & How does it work for QuickBooks?
A journal entry is used to record a company transaction in accounting records. Every business transaction must be recorded in at least two locations for a journal entry (double entry accounting) to make sense. You may manage your business accounts with the help of the QuickBooks software, which automates some accounting and financial management functions.
Basic QuickBooks online journal entry Format
| Account number/name | Debit | Credit |
| XXX | $xx ,xxx | |
| XXX | $xx ,xxx |
To maintain the balance of the accounting equation (Assets = Liabilities + Shareholders’ Equity), the debits and credits for each journal entry must be equal. We must constantly take into account four aspects when creating journal entries:
- Which accounts the transaction has an impact on.
- Find out if the balance is increased or reduced for each account.
- Calculate the amount of change for each account.
- Maintain the equation for accounting’s balance.
How to Make a Journal Entry in Quickbooks Online?
Understanding this feature of your QuickBooks accounting software is crucial if you operate a small business.
What are the 5 types of journal entries in Quickbooks?
There are several types of journal entries, which are noted below.
Adjusting Journal Entry
An adjusting entry is used at month’s end to make the necessary changes to bring the financial statements into compliance with the applicable accounting standard, such as International Financial Reporting Standards or Generally Accepted Accounting Principles.
Example
If the business uses the accrual method of accounting, you may accumulate unpaid pay at the end of the month.
Compound Journal Entry
More than two lines of entries make up a compound entry in a journal. Many transactions or Complex transactions at once are typically recorded using this method.
Example
The QuickBooks online journal entry used to record payroll often contains multiple lines since there are several tax liabilities and payroll deductions to be reported.
Reversing Journal Entry
When a cost that was expected to be incurred in the past is no longer necessary, a reversing entry is often an adjusting entry that is adjusted at the start of the current period.
Example
In the following period, a wage accrual from the previous period is reversed and is replaced by a real payroll expense.
Opening entries
These entries substitute the beginning balance of the current accounting period for the ending balance of the preceding accounting period.
Example
After settling all liabilities for the preceding accounting period, the final balance of the Cash account on the balance sheet was $12,000. The initial entry for the current accounting period is now a balance of $12,000.
Transfer entries
A cost or an income is transferred or allocated from one account to another in a transfer entry.
Example
XYZ company moves money from its principal account to a subsidiary. The money transfer from one account to another is recorded in a transfer journal entry. These transactions must always net zero, and no third party is engaged.
Get in Touch with Our Accounting ProfessionalsWhat Is Included in a Journal Entry of Quickbook?
The following components are necessary for a journal entry:
- A header with the entry’s date in it.
- An identification and retrieval number, also known as a reference number or journal entry number, may be used to access the journal when needed.
- The name and account number.
- The debit amount.
- The credit amount.
- The footer’s summary of the journal item.
What Is the Purpose of a Journal Entry?
The first step in the accounting process is a journal entry. Following is the list of purposes it solves:
- To keep a complete and accurate record of every company transaction, whether physical or digital.
- Switch money back and forth between the income and expenses accounts.
- Transfer money from equity, liability, or asset to an income or expense account.
- To deliver significant data that auditors may use to analyse how financial activities affect a corporation.
How to Create a Journal Entry in Quickbooks Online?
Once you create a journal entry then only you can view it. So let’s examine in detail how to make a journal entry in QuickBooks online step by step:
Firstly, to make journal entries in QuickBooks Online, begin by browsing the feature for journal entries.
Then, enter the date and journal number. Be extremely careful while doing this.
Next, add the appropriate accounts to the relevant Category column.
Now, add the debit and credit sums together. Check for consistency.
Finally, complete the task by adding a description to the journal post.
You may also read: Xero vs FreshBooks vs Sage: Which is Better in 2022?
How to View Journal Entries in Quickbooks: Online and Desktop?
A journal entry may be viewed several ways once you’ve entered it. You can use the Advanced Search option or select from the Report menu to view a journal entry.
How to View General Journal Entries in QuickBooks Desktop via a Report Menu?
All of your journal entries are saved in your account by QuickBooks. The simplest method is to go to the Reports menu and choose All Journal Entries. You may access the relevant journal entries from this point.
- Go to the left side and click on Reports to start.
- Then, you must look for the journal in the relevant search box.
- Press the drop-down menu labeled “Month-to-date” below the specific report period.
- Select Custom.
- Edit the date range to include the start and end dates for the period you want to view the journal entries.
- To update the specified report, click anywhere on the relevant page.
- You may do this to view QuickBooks Desktop’s journal entries.
How to view the Old Journal Entries in QuickBooks Desktop Applications?
You might need to verify the old QuickBooks journal entries if you find an issue during account reconciliation.
- Firstly, click on the Create button in the upper right corner.
- Then, press Journal Entry.
- You must now choose the symbol with the counterclockwise arrow. The top-left corner will have this arrow there.
- Then click View More.
- Finally, you will be able to see see all journal entries in QuickBooks online. In addition, you may filter them if you need specific data.
How to View the Journal Entries in QuickBooks Online via Audit Log?
The option to view journal entries in QuickBooks Online is available via Audit Log:
- To access the Transaction Journal, select Audit Log from the Tools section by clicking on the gear-shaped Settings icon in the header.
- You may view every event in the system in the Audit Log. To display transactions, pick Transactions from the Show Only These Events radio option by clicking on the Filter drop-down menu.
- The newly added bill will appear in the table when you click the apply button. There is a link to the transaction in the table’s History column.
- Finally, with the click on view link, a complete transaction view will display.
How to View the Journal Entries in QuickBooks Online via the Advanced Search Option?
QuickBooks offers the Advance Search option to view the journal entries in QuickBooks Online via Advance Search:
- Firstly, press the specific Magnifying Glass icon in QuickBooks Online.
- Next, click the Advance Search link.
- You may now search for the Journal Entries using the specific drop-down arrow.
- If you like, you may omit the Filter option.
- Then, use the specific Date Filter if you’re looking for older entries. You will be able to see the particular findings shortly as a consequence.
- Finally, choose the Journal Entry option from the Type column.
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The Bottom Line
In QuickBooks, the journal entry plays a significant role. This makes it easier for you to record many transactions and upload them straight to the general ledger. If you wish to access a journal entry after generating or removing it, use the following methods.
The use of the Advanced Search, Audit Log, and Reports menus to view journal entries in QuickBooks Online and QuickBooks Desktop has been covered in this blog. You should now be able to comprehend the specifics, in case of any doubts feel free to connect with Accounting and Bookkeeping experts.
FAQs : QuickBooks Online Journal Entry
How do I pull up journal entries in QuickBooks?- Select the Create (+) button in the upper right corner.
- Choose Journal Entry.
- Select the top-left symbol with a counterclockwise arrow.
- Click More View.
- Here, you may view journal entries and do information filtering
Transaction Journal may be found under the QuickBooks Reports option. Click Reports on the transaction toolbar, then click Transaction Journal. Use the keyboard shortcut Ctrl+Y for Windows. On a Mac, hit Cmd+T on the keyboard.Then, Choose the option to view the QuickBooks adjusting journal entries report after reviewing the results.
Where are journal entries stored in QuickBooks Online?If you’re looking for “How can I see old Journal entries?” answers and want to search for an old entry, follow these steps:
- Firstly, select the Create option (+) in the upper right corner.
- Then, choose Journal Entry.
- Select the symbol in the upper left corner with the counterclockwise arrow.
- Then, select More View.
- Finally, you may see Journal entries here and use the filters to find the data you need.
To find a certain Journal Entry, select Search. Then pick Transaction journal by clicking More. Click the Print button in the report’s top right corner to print.
How do you edit a journal entry?To edit a journal entry:
- Firstly, go to Adjustments, Journals.
- Then, select the journal that needs editing.
- Select the Edit option on the right.
- Review the journal’s specifics and make any necessary edits.
- Finally, Press Save.
Every journal entry in the general ledger comprises the date, the amount, the account numbers of the impacted accounts, and the description of the transaction. A reference number, such as a check number, and a brief description of the transaction may also be included in the journal entry.
How do I get a report of journal entries in QuickBooks Online?- Choose Reports on the transaction toolbar, then click Transaction Journal.
- Select the Transaction Journal option from the QuickBooks Reports menu.
- For Windows, use Ctrl+Y on the keyboard.
- On a Mac, hit Cmd+T on the keyboard.
- Click Make General Journal Entries from the Company menu.
- Complete the fields to write an entry in your journal. When you’re finished, make sure your debits and credits balance.
- Choose Save or Save & Close in.
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Meenal Lohani
Meenal Lohani is a versatile writer and researcher. Her love for knowledge is well represented in her rich work experience, from international publication to digital marketing. She has worked across various knowledge domains ranging from healthcare, technology, SEO, Fintech and e-commerce, to name a few. An avid reader, explorer, and a movie buff, she is never short of imagination and still professional to the core.
