Thank you so much! I am working on a University accounting assignment and the instructions were awful!! However, your video was so perfect, clear, and concise!! Much Appreciated!!
I am not clear why we need to make journal entries in the first place? Can't we create an expense for a chart of accounts and offset the source account? If we do journal entries, then what happens with other transactions that we made through invoice/ expense account? Do we need to create journal entries for those as well?
A former accountant added journal entries to reclassify certain entries. None affected the account balance, just designations for tax purposes. However, some were entered in a manner that did impact the bank register, which has altered the register, post account reconciliation, and prevents reconciling the succeeding bank statements with the register. Is there a solution to this? Thank you.
The only way to fix this would be to 1) reverse that entry or 2) do another entry fixing it this year. I would ask the accountant why they made this entry since it messes up your recon and what they suggest you do to make it correct
Thank you so much for this explanation! I messed up a couple of these this past year and need to fix them. Is it possible to fix a journal entry, or do we just start over on a new one to fix a messed up one? Hope that makes sense. Candy
Hi, i enjoy learning from your vids. Great videos you compose. Thank you for your vids. Question, is there a way i can pull up journal entries by GL categories? Thank you once again.
Question, When we make a journal entry it sits in our Bank Deposits and shows up eveytime we go to make a deposit. Should we just save these or are we doing something wrong? They are anouying and messy just sitting there.
Thanks for your video, that was really clear, I do have a question I'm looking to resolve. Last year we took out a LOC for our farm and wrote checks to our checking account since most of the expenses we paid through that account. I recorded this portion of the deposit (as it was with other invoice payments) as ask my accountant to resolve later. I've just created the LOC account and need to figure out how to update those reconciled deposits to be transfers instead. Can I use a journal entry for this and if so, how do I update the original deposits to account for this? TIA!
Yeah I think your best bet is to do a journal entry to move it from Ask my accountant to the LOC account. I would not update the original deposits because you most likely will not be able to change them (you might be able To just change the account, you’ll have to try it first on one deposit). Journal entry would be quick and easy
Hi for example record the transaction when I received the invoice ex. I bought office equipment and at the end of the year I need to do some adjustment by creating a journal entry. So do I have still record the Office equipment account and bank account in the journal entry or just Depreciation expense and Accumulated depreciation accounts ?
When entering a journal entry for accruals at the end of the month, is there a way or something to select to reverse the JE in the beginning of the month? Thank you
Can i use the same to transfer between account. Like in QBO when i did payroll i selected account a but the amount got took off from the correct account B. But in trasaction it shows i see the amoint is in Accont A. can i adjust that?
Would you say that making any record. Like receiving payment on an invoice , paying an invoice , paying a bill. Credit memos , are all this journal entries ?
Technically yes they are but QuickBooks has you enter those things and does the accounting behind the scenes so you never really realize you are making journal entries
Does it mean manual journal entries are for depreciation, pre paid expenses, accruals, interest inc. or expenses since other expenses are done automatically? Newbie here
We are a school using quickbooks but without the payroll option. How do we account for staff loans/advances? We were thinking of using journals for this monthly transaction but don’t know how to go about it.
Hi, I am new at this. I need to remove a whole year and half of another one of charges from a credit card acct since the company didn’t have any income during that period and the owner was paying with his personal bank acct those expenses. Is a journal entry the best option to do this? I need to make them disappear from my renconciliation list
My boss would like me to make journal entries for prior years, that have already been reconciled, and he wants it in the year that it affected. Is this possible?
Hello sir, I just started working as an accountant after graduation. I am working at a firm as an accountant but majority of my task is just recording bank statements on write checks and recording credit card statements on credit card charges and reconciling and as well doing payroll. My question is when do I do journal entries? I record and reconcile so I'm just wondering when to do journal entries? Is it after reconciliation?
In general you would do journal entries when you close the accounting period for non cash type transactions, like depreciation and amortization, or for items like prepaid expenses and accrued expenses
I did an adjusting entry under the Company-Make General Journal Entry. When I clicked the enter button and refreshed my report the transaction did not appear. What am I doing wrong?
hey i have just started doing my wifes accounts and the licensee subtracts cost on a monthly basis out of her income , whats the best way to show this . We dont invoice them they provide payment sheet showing credits and debits.
I only know how to do journal entry. When I record transaction from the register, the account names got me all confused. Thank you, love your lectures.
How do you enter journal entry for income(if a rental income for one month is accidentally deposited on my personal account) and if I want to record that on a business account? Thank you.
Matt - I have a question that I hope you can help me with. it has to do with entering openning balances. I work for a law firm in Ontario, Canada. The offset of a trust account open balance cannot be equity - any help would be appreciated
You should have an offsetting liability called Trust Liability and they should match. That money is unearned until it comes out of the Trust account, so it is a liability
@@QbuniversityOrgwe enterred outstanding cheques in each sub account. then we entered a deposit to offset the outstanding cheque. My client trust account doesnt balance, and we have a bunch of unreconciled deposits
So this feature is strictly for adjusting entries only? I'm old school and having been using it for every transaction which is why I'm guessing the numbers are overstated or understated and even more frustrating, the reason I see duplicates in issues w/the reports.
You can go back to the make journal entry screen and click back until you find it or open a report like a PL that had accounts in the entry and double click the number (drill down) to the journal entry
@QbuniversityOrg I hope you didn't think that was a really stupid question. I just normally see the Debit first. Just started a new job with Quickbooks online. I've only used desktop. Just wanted to get a tutorial to help me familiarize myself. Thank You.
@@mashood592 if you didn’t already record the purchase then: Cash on hand credit 1,000 Inventory debit 1,000 Inventory credit 1,000 Cash on hand debit 2,000 Revenue credit 1,000
This is not a good example of a journal entry. Journal entries are usually an internal G/L entry between 2 accounts yes, but not usually the bank account as it will affect your monthly bank reconciliation. A better example would be between office expenses and office supplies. That way the bank is not affected.
www.QBUniversity.org - feel free to leave a comment or question here!
Thanks. Your video was a simple explanation and straight to the point without the fluff . 🎉
Thanks!
Thank you so much! I am working on a University accounting assignment and the instructions were awful!! However, your video was so perfect, clear, and concise!! Much Appreciated!!
You’re welcome!
I am not clear why we need to make journal entries in the first place? Can't we create an expense for a chart of accounts and offset the source account? If we do journal entries, then what happens with other transactions that we made through invoice/ expense account? Do we need to create journal entries for those as well?
exactly. this is the question i am asking. why do we need to do journal entries ? did you get the answer
A former accountant added journal entries to reclassify certain entries. None affected the account balance, just designations for tax purposes. However, some were entered in a manner that did impact the bank register, which has altered the register, post account reconciliation, and prevents reconciling the succeeding bank statements with the register. Is there a solution to this? Thank you.
The only way to fix this would be to 1) reverse that entry or 2) do another entry fixing it this year. I would ask the accountant why they made this entry since it messes up your recon and what they suggest you do to make it correct
Thank you so much for this explanation! I messed up a couple of these this past year and need to fix them. Is it possible to fix a journal entry, or do we just start over on a new one to fix a messed up one? Hope that makes sense. Candy
You can do it either way but I would just change the original entry
Hi, i enjoy learning from your vids. Great videos you compose. Thank you for your vids.
Question, is there a way i can pull up journal entries by GL categories?
Thank you once again.
Do you mean by accounts? You could run a GL and filter it for just journal entries
Question,
When we make a journal entry it sits in our Bank Deposits and shows up eveytime we go to make a deposit. Should we just save these or are we doing something wrong? They are anouying and messy just sitting there.
Thanks for your video, that was really clear, I do have a question I'm looking to resolve. Last year we took out a LOC for our farm and wrote checks to our checking account since most of the expenses we paid through that account. I recorded this portion of the deposit (as it was with other invoice payments) as ask my accountant to resolve later. I've just created the LOC account and need to figure out how to update those reconciled deposits to be transfers instead. Can I use a journal entry for this and if so, how do I update the original deposits to account for this? TIA!
Yeah I think your best bet is to do a journal entry to move it from Ask my accountant to the LOC account. I would not update the original deposits because you most likely will not be able to change them (you might be able
To just change the account, you’ll have to try it first on one deposit). Journal entry would be quick and easy
Hi, may I know if I may "update" a journal entry ? ie, correct the journal after some time ? Thanks
Yep absolutely you can
Hi for example record the transaction when I received the invoice ex. I bought office equipment and at the end of the year I need to do some adjustment by creating a journal entry. So do I have still record the Office equipment account and bank account in the journal entry or just Depreciation expense and Accumulated depreciation accounts ?
When entering a journal entry for accruals at the end of the month, is there a way or something to select to reverse the JE in the beginning of the month? Thank you
Can i use the same to transfer between account. Like in QBO when i did payroll i selected account a but the amount got took off from the correct account B. But in trasaction it shows i see the amoint is in Accont A. can i adjust that?
Yes you can
Would you say that making any record. Like receiving payment on an invoice , paying an invoice , paying a bill. Credit memos , are all this journal entries ?
Technically yes they are but QuickBooks has you enter those things and does the accounting behind the scenes so you never really realize you are making journal entries
Does it mean manual journal entries are for depreciation, pre paid expenses, accruals, interest inc. or expenses since other expenses are done automatically? Newbie here
Yep sure does
We are a school using quickbooks but without the payroll option. How do we account for staff loans/advances? We were thinking of using journals for this monthly transaction but don’t know how to go about it.
When the loan happens you record it as an Other Current Assets and then as it’s paid you put it back against that account
How do you look up price journal entries? Thanks !
Hi, I am new at this. I need to remove a whole year and half of another one of charges from a credit card acct since the company didn’t have any income during that period and the owner was paying with his personal bank acct those expenses. Is a journal entry the best option to do this? I need to make them disappear from my renconciliation list
Thank you for this tutorial. Can you explain how can I see a list of my jounal entries please??
Under reports you should be able to pull up a report of journal entries
This was just what I was looking for. Thank you 🎉
You’re welcome!
My boss would like me to make journal entries for prior years, that have already been reconciled, and he wants it in the year that it affected. Is this possible?
It’s possible but it may mess up your reconciliations
Thank you. That's what I thought.@@QbuniversityOrg
Welcome!
Hello sir, I just started working as an accountant after graduation. I am working at a firm as an accountant but majority of my task is just recording bank statements on write checks and recording credit card statements on credit card charges and reconciling and as well doing payroll. My question is when do I do journal entries? I record and reconcile so I'm just wondering when to do journal entries? Is it after reconciliation?
In general you would do journal entries when you close the accounting period for non cash type transactions, like depreciation and amortization, or for items like prepaid expenses and accrued expenses
I did an adjusting entry under the Company-Make General Journal Entry. When I clicked the enter button and refreshed my report the transaction did not appear. What am I doing wrong?
Check the date on the entry and the date range of the report
@@QbuniversityOrg I checked that as I have made that mistake in the past. Thanks for taking the time to reply. Any other ideas?
hey i have just started doing my wifes accounts and the licensee subtracts cost on a monthly basis out of her income , whats the best way to show this . We dont invoice them they provide payment sheet showing credits and debits.
I would record it as a Sales Reciept and show the full gross amount as the sale then subtract the fees
I only know how to do journal entry. When I record transaction from the register, the account names got me all confused. Thank you, love your lectures.
Awesome! Thanks!
how can I find a journal entry that I made in the past and need to fix? Thanks
You can search using an amount, go to the register and go to the account it affects and double click it, etc
How can we add Tags to Manual Journal entry in QB Online (Simple subscription)
How do you enter journal entry for income(if a rental income for one month is accidentally deposited on my personal account) and if I want to record that on a business account? Thank you.
I would credit Rent Income and Debit Owners Distribution
Matt - I have a question that I hope you can help me with. it has to do with entering openning balances. I work for a law firm in Ontario, Canada. The offset of a trust account open balance cannot be equity - any help would be appreciated
You should have an offsetting liability called Trust Liability and they should match. That money is unearned until it comes out of the Trust account, so it is a liability
@@QbuniversityOrgwe enterred outstanding cheques in each sub account. then we entered a deposit to offset the outstanding cheque. My client trust account doesnt balance, and we have a bunch of unreconciled deposits
So this feature is strictly for adjusting entries only? I'm old school and having been using it for every transaction which is why I'm guessing the numbers are overstated or understated and even more frustrating, the reason I see duplicates in issues w/the reports.
How do you do adjusting journal entries though?
Do you mean how do you do the debits and credits?
Quick books wont let me put the debits or credits
That’s strange. What version do you have?
Hello! How can you edit them once saved?? I cant find them and I accidentally put in the wrong amount.
You can go back to the make journal entry screen and click back until you find it or open a report like a PL that had accounts in the entry and double click the number (drill down) to the journal entry
@@QbuniversityOrg wow thanks! You saved my homework!
@@karenarias2711 you’re welcome!
Why didn't you do the Debit first?
You can do either one first
@QbuniversityOrg I hope you didn't think that was a really stupid question. I just normally see the Debit first. Just started a new job with Quickbooks online. I've only used desktop. Just wanted to get a tutorial to help me familiarize myself. Thank You.
Not at all!
Thank you, very helpful
You’re welcome!
Explained very well.
Thanks!
Purchase inventory of $1000 for cash and sold same inventory for $2000 for cash.
what will be journal entry of the transaction?
Where did the cash come from? The company or you personally?
@@QbuniversityOrg its cash on hand.
@@mashood592 if you didn’t already record the purchase then:
Cash on hand credit 1,000
Inventory debit 1,000
Inventory credit 1,000
Cash on hand debit 2,000
Revenue credit 1,000
@@QbuniversityOrg i record the purchase already
@@mashood592 take out the first 2 lines of the entry
Is this similar to QB desktop?
The theory is identical but how you get there is different. In QB Desktop go to the Company drop down menu and choose Make general journal entries
@@QbuniversityOrg I want to get into your university (desktop). I’m working on my GM. I’m new and we work with the Enterprise version.
That would be great if you joined!
Is QB better than Xero
Personally I think it is
This is not a good example of a journal entry. Journal entries are usually an internal G/L entry between 2 accounts yes, but not usually the bank account as it will affect your monthly bank reconciliation. A better example would be between office expenses and office supplies. That way the bank is not affected.
Great thanks for your feedback!
How do you up prior journal entries. Thanks!