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In QuickBooks Pro 2010 Essential Training, author Bonnie Biafore shows how to most efficiently use this popular business accounting software to manage business finances. The course covers core QuickBooks features that business owners need to know, from recording typical bookkeeping transactions like bills and invoices, to reconciling accounts and managing company files. Exercise files accompany the course.
Now that you've seen some examples of journal entries, the steps for creating a journal entry are easy. The challenge initially is putting the numbers in the debit and credit columns correctly. You can also use journal entries to record transactions that are billable to customers. To create a general journal entry, on the Company menu choose Make General Journal Entries. In the Date box, choose the date for the journal entry. For example, if you want to record end of year entries choose December 31st.
QuickBooks automatically numbers journal entries by incrementing the last one you've created. If you want to differentiate journal entries, you can type a prefix like your initials and then the number, so you can see which entries you make versus those from your accountant. In the first Account cell choose one of the accounts. To recategorize expenses choose the Utilities account in this example. To decrease the dollars in the Utilities account type the dollar value in the credit cell.
In the Memo cell type the purpose of the journal entry. Recategorize expenses in this example. In the next row choose the other account. Telephone Expense in this example. QuickBooks automatically fills in the Debit cell with the amount you've typed in the first row. To record an expense that's billable to a customer choose the customer in the Name cell and be sure to turn on the Billable cell.
If your journal entry uses only two accounts, you're done. You can click Save & Close to save the journal entry. If you have trouble remembering debits and credits, but you already have a journal entry that does what you want, you can memorize it. Open the Make General Journal Entries window and click Next or Previous until you see the journal entry you want to copy. On the Edit menu choose Memorize General Journal, name the entry.
Owners Contribution in this example. If you don't want to be reminded, select the Don't Remind Me option and simply click OK. To use this entry, on the List menu choose Memorized Transaction List. Select the entry and click Enter Transaction. QuickBooks automatically sets the date to today's date and increments the entry number for you.
Change the date and the entry number if you want. Then go in and change any values that you need to change and click Save & Close to save the new entry. Remember, if you don't find a QuickBooks command for the transaction you want to record, you can always use a journal entry to move money around between accounts.
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