Journal entries are accounting transactions that are directly entered into a general ledger. When there are no other options for documenting and recording financial transactions, they are employed as a last resort. They can also be used to move funds between QuickBooks accounts. In accounting, a journal entry consists of two parts: a debit and a credit.
The amount of the Debit column must always equal the total of the Credit column, as you are aware. The journal transactions and journal entries on the report that lists the transactions are sent into QuickBooks from the register or account history. In this blog, you’ll learn how to export payroll journal entry data from QuickBooks.
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You can use payroll journal entry data from QB if:
- When money must be transferred between your income and expense accounts.
- When you need to move money from one account to another, such as an asset, liability, or equity.
- You like the classic accounting approach, which entails entering debits and credits in a general ledger or journal.
Always keep in mind that journal entries in QuickBooks should only be used when money is being transferred between transactions and QB.
Step-by-step instructions to create a Journal Entry in QuickBooks
You should always get guidance from a qualified accountant. If you’re not sure which account receives the debit and credit sides of a transaction, you can connect with your bank.
To create a journal entry in QuickBooks Online, follow the steps below:
- On the top of your screen, select the Plus icon (+) >>> Journal Entry
- Next, enter the required information within the distribution line
- First Distribution Line: Go to the “Account” tab and then enter the amount within the correct column, according to your debit or credit account need, or simply choose any accounting Chart of Accounts.
- Second Distribution Line: Choose another account where you can move money to and from. You have to enter the account of debit or credit, if in the first line, and then enter the same amount within this column
- Check both columns that are balanced or not
- Make sure that the credit column is on the first line and then the debit column is on the second line
- If everything is perfect then accounts are in balance, you need not do anything in it
- After that, move to the “Credit Memo” section and then enter the information to ensure a journal entry
- Journal Code (France only): The account’s journal code should be entered here. If necessary, a new journal code can be added. For both debit and credit accounts, you must use the same journal code that is linked with the transaction.
- Debits or Credits: Debits are usually the first line. These transactions can be found in the recent transactions report. Check to see whether the Debit has changed according to your preferences. After that, you’ll need to save the transaction.
- Description (Optional): On reports, you can enter the description to see the transaction information.
- Name: If applicable, choose a client, vendor/supplier, or employee who is related to the line.
- In the end, click on the “Save and New” option >>>> “Save and Close” tab.
Step by step to export Journal Entry from QuickBooks
There are two cases involved in exporting Journal Entry from QB:
Case 1: If there are any existing Journal Entries then,
- Select the Send general journal entries from the accountant menu
- Choose one of the following:
- Choose from the dates drop-down
- Enter an appropriate date within the form and to date to filter the list of journal entries
- Check the box which is next to the journal entry that you wish to export
- Edit the journal entry before you send although it is optional
- Perform the edit journal entry steps:
- In the accountant column, choose the link
- Next, move to the make general entries window and then update the entry
- Select the Save and then Close tab
- Uncheck the Allow recipient to publish the file box if you want to make sure the recipient imports all of the journal entries before selecting which GJEs to send
- Once done with that send the journal entries to the recipient:
- To send the journal entries now, click “email as an attachment”
- To save the journal entries as a.QBJ file that can be attached to an email, choose save as the file.
Case 2: If No Previous Journal Entries Exist
- From the attachment menu, choose “Make generic journal entries”
- Next, enter the journal entry and then save the same
- Now, select the send GJEs and then edit the journal entry before sending, however, it is optional
- To edit the journal entry, follow the below steps:
- Choose the link within the accountant column
- Move to the make general entries window and then update the entry
- And then select the “save & close” tab
- If you wish to check the recipient imports all the journal entries, uncheck the “Allow recipient in order to select which GJEs to post to the file box
- After that, send the journal entries to the recipient:
- Now, send the journal entries by clicking on the email as an attachment
- Save the journal entries as a .QBJ file by selecting Save as the file that can be attached to an email or transferred to a portable media.
Well, you can run a report showing the journal entry (both debit and credit sides of the entry) in total then choose Excel to “print” to Excel. It is also possible to import or export it from QuickBooks. With the help of the above-discussed detailed steps, hopefully, you are now completely aware of the entire process for exporting payroll journal entry data from QuickBooks; the only suggestion is to carefully perform each and every step.
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