A QuickBooks journal entry has two terms in the accounting definition, i.e., a debit and credit entry. According to the rule, the addition of the debit column is equal to the credit column. QuickBooks online saves the transactions in the register or account book as the journal transactions. Enter the Journal entry in the trades when you have to

  • Send money between income and expense accounts
  • Transfer money from an asset, liability or an equity account to the income or the expense account
  • If you require to mention debits and credits in Journal or the Ledger book

You have to concentrate on how to create a Journal Entry and other essential points related to it. So, let’s start. If you face any problem in Journal Entry in QuickBooks Online, you must call QuickBooks support to fix it.

What Do You Mean By QuickBooks Journal Entry?

A journal entry is an accounting transaction posted directly to the organization’s general ledger. QuickBooks journal entries allow you to adjust transactions post entries.

The procedure is easy, but you can create a single entry for a customer at a time. If you wish to make changes for various customers, you are required to post separate entries.

What are the Rules to Create Journal Entry in QuickBooks Online?

QuickBooks journal entries are performed for income tax provisions, depreciation entries, and loan interest adjustments. There are various conditions to enter journal entries. These rules are mentioned below.

  • Include one account receivable or accounts payable type entry
  • Use accounts receivable or payable on the second line of the journal entry
  • Accounts payable or receivable type entry will require a customer or vendor
  • Never make Journal entries to Inventory or Payroll accounts.

Procedures to Create A Journal Entry in QuickBooks Online

Discuss with accounting professionals for learning and assistance. If you still don’t know which account requires the debit and credit transaction, follow the below instructions properly. Go through the below steps to create a Journal Entry in QuickBooks Online.

  • Move to the top and choose “Plus icon”, and press the “Journal Entry” option
  • Now, mention “Transaction date” in the “Journal Date Field.”
  • Keep a “Journal Number” of the transaction in the report so that you can identify the transaction
  • Fill the first distribution line
  • Accounts – The accounts in the Charts of Accounts
  • Journal Code ( For France only) – Mention the journal code attached to the report. It is necessary to add a New Journal Code. You require to use the same Journal Code linked to the Debits and Credits accounts transaction
  • Debits or Credits – The first in line is Debits. You can see the transactions in the recent transaction report. Look if the debit has changed as per the choice or after you saved the transaction.
  • Description – You require to mention a description to look at transaction details on reports
  • Name – Select a customer, vendor, or employee attached to the line if any
  • If the total number of “Debit Column Entries” is not equal to the sum of “Credit Column Entries”, then fill the “Distribution line” until both transactions become equal.
  • Choose to create a recurring “Journal Entry Schedule”.
  • Save” transaction.

After going through the above procedures, if any trouble you face, then you must dial the QuickBooks technical support number to get the appropriate steps to enter Journal Entry in QuickBooks Online.

Are you looking for the steps you need to follow to start the customer transaction workflow in QuickBooks Desktop? If yes, then this blog post will guide you in this direction. Here, you will find the steps you need to follow while starting off the customer transaction workflows and even different ways to track the transaction.  This workflow can help in organizing cash flow, tracking sales and receivables. However, if you need further assistance, you can reach out to QuickBooks Desktop support to offer the best support service.

Workflow 1 – Invoice -Payment Deposit

You must follow this workflow when provided with a product or service, and your customer plans to pay later. Once your customer has paid, you can easily record QuickBooks’ payment to close the customer’s invoice or even reduce the balance.

  • The first user should create an invoice
  • Then you need to record the invoice payment
  • At last, deposit the customer’s payment

Workflow 2 – Sales Receipt Deposit

You should go for this workflow when your customer pays you on the spot for any product or service.

  • First, create a sales receipt
  • Then you need to deposit the customer’s payment

Workflow 3 – Estimate – Invoice – Payment – Deposit

You need to follow this workflow, also called progress invoicing, when working on projects or jobs for the customers. You can use an estimate like the quote, bid, or proposal to track the materials, labor, and additional expenses used in the project. After that, you can invoice your customer once the project is completed.

  • Here, you need to create and send the project estimate to the customers
  • After that, you should create an invoice from the estimates
  • Also, record the invoice payment
  • At last, you need to deposit the customer’s payment

Workflow 4 Sales Order – Invoice – Payment – Deposit

You should follow this workflow when the customers order an item that is not there in your stock at the moment. This way, you will know what products you have to buy from your vendors to complete the customer’s order on time.

  • You first need to create a sales order for the items that are on the backorder
  • Then you have to create an invoice from the sales order
  • You need to record the invoice payment
  • At last, you need to deposit the customer’s payment

Workflow 5 – Estimate – Sales Order – Invoice – Payment – Deposit

You need to follow this workflow when you need to complete a project but don’t have complete materials on your hand yet. You can create the sales order from the estimate for tracking the items on backorder. Then, create an invoice from the estimate after the completion of the project.

  • You first need to create and send a project estimate to your customer
  • Then create a sales order from that estimate
  • After that, you have to create an invoice using the sales order
  • Now you need to record the invoice payment
  • Deposit the customer’s payment

Workflow 6: Statement Charges – Finance Charges – Statement – Payment – Deposit

You must go with this workflow when you regularly charge your customer for items but are invoicing them periodically. You can skip creating the invoice for each charge, and then your customer can pay their accumulated charges in a total amount.

  • You need first to create your customer’s statement charges
  • Then you have to assess the finance charges
  • After that, create and send the billing statement to the customer
  • Then you must record the payment that is received
  • At last, deposit customer’s payment

If you find it challenging to understand this workflow, then you don’t need to think twice before calling QuickBooks technical support to avail their help. You can avail the expert’s guidance of a technical professional to resolve the query faced by QuickBooks users.