All About Adjusting Journal Entries In QuickBooks

Not everyone is an accounting expert, but sometimes such situation arises that need you to handle the accounts and QuickBooks is designed for that purpose. Now you must be astounded that what these QuickBooks are? QuickBooks is a game changer smarter business tool designed especially for small and medium-sized businesses which provided accounting applications and cloud-based services that accept business payments, manage and pay bills, etc. You simply have to record the journal entry in it to make any changes. It saves your time on paperwork as many of the simple tasks are handled automatically by it. All the data is stored in QuickBooks inventory. Now let’s talk about adjusting journal entries in QuickBooks. First, we will talk about its basics and then we will move on to how QuickBooks Journal entry is made and adjusted.

QuickBooks Inventory

QuickBooks inventory holds the details about your bills, sales revenue and is automatically updated when any product is bought and sold thus helps you to keep track of everything you buy and sell and records your expenses.

It organizes everything using graphs, prices, and images calculate the cost and run reports. Thus it helps you to get a real-time evaluation of your inventory.

What Is A Journal Entry?

It is an accounting transaction that is posted to the repository of the accounted data. If there are any changes in the accounts details i.e. any increment or decrement then you can make an adjusting journal entry in the QuickBooks.

Adjusting Journal Entries In QuickBooks?

Creating adjusting journal entries in QuickBooks can be done for many reasons including entering credit card interests, adjusting tax payable for interest, etc. It is not a rock breaking task to make QuickBooks Journal Entry. Follow the step by step instructions to do so. These steps will help you to import journal entries into QuickBooks.

1. Open the accountant Menu and then click ‘Make Journal Entries’.
2. All the detailed information about the entry needs to be filled accurately. It includes the date of transaction, entry number, account number, etc.
3. After filling all the details click “Adjusting Entries” checkbox. Do not forget to check this part otherwise, a standard journal entry would be created instead of the adjusted Journal Entry.
4. Again there would a section which would ask you the required details. Enter the account associated, memo, credit, debit name, etc.
5. Keep on filling the distribution lines until the transaction reaches a zero balance.
6. Click Save and close the window or either click on save and new to fill in the new entry.

Contact QuickBooks Online Customer Support For Help In QuickBooks Journal Entry

Although it is an easy task to be undertaken but still for new users understanding the functionality is not that an easy task. For that purpose, QuickBooks has provided a QuickBooks online customer support which is available 24/7 for the user which can help you in adjusting journal entries in QuickBooks. So if you find any difficulty while working on it, all you have to do is get your phone and dial the following QuickBooks online support number: +18772499444. We aim to provide the best solution to our customers’ problems that would thus help them to have a better understanding of the business concepts using the training materials.

Be smart enough to judge what is better for you business because sometimes smart work is more important than hard work.