Why use journal entries?


show more Why use journal entries? provides you with in-depth training on Business. Taught by Bonnie Biafore as part of the QuickBooks Pro 2010 Essential Training show less
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Why use journal entries?

For many kinds of transactions, QuickBooks takes care of moving money from account to account in your Chart of Accounts. When you write a check, the program moves money from your QuickBooks bank account to the expense account you give it. But there are other times that you have to take over and move money between accounts. Recording depreciation, owner contributions or correcting the accounts you assigned originally are all examples. To accomplish these kinds of movements, you use something called the journal entry. The name comes from the old paper- based accounting days when accountants recorded transactions in a paper journal.

For example, if you decide that you need more income accounts than the one called sales, you might want to re- categorize income in the sales account to the new income accounts you create. To make this happen, you have to credit one account and debit another and that's exactly what journal entries do. In the Company menu, choose Make General Journal Entries. Let&#...

Why use journal entries?
Video duration: 3m 3s 3h 45m Beginner

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Why use journal entries? provides you with in-depth training on Business. Taught by Bonnie Biafore as part of the QuickBooks Pro 2010 Essential Training

Subject:
Business
Software:
QuickBooks
Author:
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