In this QuickBooks video we will show you the basics of recording journal entries in QuickBooks. Although adjusting journal entries are typically done by your CPA to make year-end adjustments it is still important to understand the basics.
How to make journal entries in QuickBooks
You can make a journal entry in QuickBooks by simply going to Company/Make General Journal Entries along the top of your QuickBooks screen. This will bring you into the general journal entry screen. Here you can make your journal entry. QuickBooks will ensure that your entry is in balance as it will not allow you to save a journal entry that does not balance.
How to add journal entries to your QuickBooks icon bar
You can customize the QuickBooks icon bar by right clicking on it and selecting customize icon bar. However, you will find that 'make journal entry' is not on the pre-selected list of actions that can be added to the icon bar. Many users don't know that you can still add this to your icon bar as well as other commands that QuickBooks does not have on its list of icons that can be added. When you have your general journal entry screen open (see above step) you can then go to View (along the top) and then select 'Add "Make General Journal Entries" to Icon Bar.' This will put a journal entry shortcut on your QuickBooks icon bar. Many QuickBooks functions can be added to the icon bar by following the same instructions. This will save you time and the hassle of remembering where to find this function.
How to memorize a QuickBooks journal entry
Often it makes sense to memorize and automate your journal entries. Some journal entries need to be made on a monthly basis and are always for the same amount. Your monthly depreciation or amortization entries are obvious examples of journal entries you may want to memorize. You can memorize any journal entry by creating the journal entry and then selecting Edit/Memorize journal entry. You can also watch our video demonstration on QuickBooks memorized transactions.
QuickBooks journal entries are a fairly easy task to accomplish. By creating a shortcut and also using memorized journal entries you can save yourself valuable time. You should always consult with your CPA before making any adjusting journal entries but it does help to know the basics.