QuickBooks is now a very familiar name in the industry. It had been the best solution for small and mid-sized businesses because of following factors:
- Time efficient operations
- Ease access of all your records
- Accurate calculations of book keeping
- Auto-update feature for bank records
- Cloud based technology to save long records
There will be times, when you may need to delete some entries that either should not be recorded in first place or was done out of mistake. It is necessary to keep correct entries on your account book as it will directly impact the financial health of company. And, it will be the best thing to get accuracy with your bookkeeping records.
Benefits of Delete a Journal Entry in QuickBooks
QuickBooks is something you can look forward to or depend on. It has several options to arrange your bookkeeping entries that any other platform may not be able to facilitate for you that aptly. If you make a mistake or a wrong entry is there on the account, you have several of the options to retrace your steps. You can delete the unwanted entries or records to keep accounts accurate and free of error. Keep reading this article to understand how you can perform the requisite job with do-it-yourself steps!
Steps for Delete a Journal Entry in QuickBooks
It is important to keep your records updated and error free. If the journal entry of your account was created due to mistake, you need to follow these steps to delete the entry permanently:
- Sign in QuickBooks accounts
- Go to the Settings.
- Click on the list of Chart of Accounts.
- Locate the correct account for the transaction.
- From the Action tab, select Account history.
- Select the journal entry and select Delete.
- Select Yes to confirm that you want to delete the transaction
Once you complete these steps, your book entries will be accurate and have zero error in it. QuickBooks will ensure to keep your data corrected and that too in absolutely no time. You don’t have to comb through the long records of accounting.
With QuickBooks, your arranged reports will tell you what is wrong and once you have the list of entries that are inaccurate. You can simply go to the wrong entries and delete them by following these above mentioned steps.
Any size business can choose to manage their accounts on QuickBooks and will have no trouble doing so. You may not need accounts pro as it will turn you into one. Quick operations and ease of navigation are its most appreciated features which have been attracting more new users steadily.
QuickBooks support team is always there for you. In case you need to get this done immediately, reach out to them on the toll free number from the ease of your home.
What is Journal Entry?
Journal entries are used to record accounting transactions in the general ledger. Journal entries can also be recorded in subledgers, which may have specific sections for journal entries. General journal entries record only debit and credit balances, while subledger entries can record multiple types of information related to debits, credits, and other types of balances.
What is an Example of a Journal Entry?
When Company sales are made on credit, journal entry for accounts receivable on company account. The journal entry to record such credit sales of goods and services is passed by debiting the accounts receivable account with the corresponding credit to the sales account.
What is a Journal Entry in QuickBooks
Journal entries are similar to transactions, but you cannot enter them in the transaction section of QuickBooks. Instead, it is a form of adjustment. Journal entries can also be used to do things like depreciate assets, or total up expenses to have them listed at the top of your income and expense reports.