Before the arrival of computer’s & software, accountant tends to follow the traditional method of estimates. A heap of Books & Accounting files were used. Accounting won’t be considered as an easy task where a small mistake can bring discrepancy in overall estimates. Fortunately, the days went away, accounting softwares like QuickBooks came for the rescue endowed with extensive features. Now, everything becomes easy just like a snap of fingers.
In this blog, we are going to discuss how a user can make General Ledger Entry in QuickBooks.
What is General Ledger entry?
A general ledger is a record keeping system that is used to Keep & sum-up a company’s financial transactions. General ledger is a description of transactions with a Debit & Credit column. You can check the precise transaction via Trial balance where you will get a summary of Debit & credit balances. At the end of every reporting period that is month end basis both the Debit & credit columns should be equal.
General ledger provides a record of each financial transaction during the business lifetime operations. But do you know? A user can input General Ledger entries in QuickBooks. Let’s move forward to know the steps need to be followed to input QuickBooks General Ledger entry.
Steps need to followed for QuickBooks Journal entry
- Choose “Company” from drop down menu & select “Make General Journal Entries”
- Click to “Date” field & choose the correct date for Ledger entry into a Pop-up Calendar.
- Now, enter any numbers to the Entry No Field.
- Later you have to input General Journal entry information.
- Make a first entry with Accounts Receivable or Accounts Payable in General Journal Entry.
- Input the amount into the Debit & credit column of the entry.
- Give a description by typing a memo for the Journal entry.
- Choose Customer, Vendor, supplier, employee that is linked with the entry.
- If you choose an expense with a customer. You have to make the amount debited to the customer.
- Repeat the same steps several times as per the transaction available with Journal entry.
5. Click the Save & close option to save all the changes made into the QuickBooks.If you find you don’t have zero balance, then double check the entries made & sort out the issues.
Hope the information provided in this article will prove to be a great help. Stay connected with us at +1-855-929-0120 for more such useful updates!