Creating Journal Entries for Intacct and QuickBooks: Recommended WorkflowLast updated on 03/01/2022
This article explains how to create Journal Entries in Quickbooks Desktop, Quickbooks Online, and Intacct.
Things to know
Journal entries are typically used to correct an error that has been made or for the following reasons:
Enter debits and credits manually, like in traditional accounting systems.
Transfer money between income and expense accounts
Transfer money from an asset, liability, or equity account to an income or expense account
A general journal entry is an accounting transaction that is entered, or posted, directly to the general ledger. A company's general ledger acts as its main group of accounts used to record balance sheet and income statement transactions.
Journal entries are the last resort for entering transactions. They let you move money between accounts and force your books to balance in specific ways.
QuickBooks Workflow (QBD & QBO)
Intro and actual workflow. Second person POV.
How to Record a Journal Entry in QuickBooks Desktop:
Go to Company > Make General Journal Entries from the menu at the top of the screen.
Change the Date field, if necessary, in the Make General Journal Entries window. QuickBooks will default to the current date so if you want to post an entry for a previous month or year, be sure to change it so that your entry gets recorded in the proper financial time period.
Enter a number for your journal entry in the Entry No. field. QuickBooks will automatically number subsequent journal entries sequentially.
Enter the general ledger account number In the Account column. You can also select the first account from a drop-down menu in the Account column.
Enter the debit or credit amount for the account you've selected into the Debit or Credit columns. The debits and credits must be equal to make the entry balanced and allow QuickBooks to post the entry.
Enter a descriptive memo in the Memo Column. It will be displayed on reports that include this journal entry. This step is optional, but it's recommended so that you'll remember later why the entry was made.
Repeat Steps 4 through 6 until the entries completely offset each other and the transaction reaches a zero balance. Your total in the Debit column should equal the total in the Credit column, and the journal entry will then be properly balanced.
Click Save & Close to save the journal entry and close the window, or click Save & New to save the journal entry and open a new window.
In order to record journal entries that affect a particular customer’s account receivable, enter the customer on the first line of the entry.
How to record a Journal Entry in QuickBooks Online
Select + New.
Select Journal entry.
On the first line, select an account from the Account field. Depending on if you need to debit or credit the account, enter the amount in the correct column.
On the next line, select the other account you're moving money to or from. Depending on if you entered a debit or credit on the first line, enter the same amount in the opposite column.
Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
Enter information in the memo section so you know why you made the journal entry.
Select Save and new or Save and close.
How to Record a Journal Entry in Intacct
To create a journal entry, navigate to General Ledger > Journal Entry.
This opens the Journals list screen.
Click on the Transactions link next to the journal in which you wish to create the new journal entry.
To add a new journal entry, click the Add button.
The [JournalName]–Journal Entries screen contains the information needed to define the journal entry including the posting Date, a Description, and the line item Entries section.
Set default dimensions by clicking on the Show Defaults button located on the left side of the Entries section of the journal entry. The Defaults Section will display with fields for each of the dimensions, along with fields for memo, allocation and multi‐currency data (if working in a multi‐currency environment).
Select the defaults using the drop‐down list in each field as needed to associate all lines of the journal entry to the desired dimension, allocation, transaction currency, etc.
Click the Apply Defaults button. A warning message will appear warning that the dimensions selected will override all line items currently coded. Click the OK button to continue.
In the Entries section, enter the individual lines of the journal entry including the Account, the Debit amount and the Credit amount.
Note* the journal entry lines may look different depending on company configuration. Some fields may be visible or included in the displayed line while others may be included in the Show Details area of the journal entry line. To see the less commonly used line-item fields in the ShowDetailssection, click anywhere on the line (it doesn’t matter which field) and the Show Details tab button should appear. Click the Show Details button and the system will expand a hidden section of the line containing additional fields, such as infrequently used dimensions.
Important note: Some features may not be currently included in your account and additional configuration may be required. Please contact technical support for details.