In Quickbooks, you can create and use journal entries to log transactions. Each journal entry contains information about the transaction, including the total dollar amount of the credit or debit. You can easily create them by logging in to your account and accessing Company > Make General Journal Entries, at which point you can follow the steps on screen. But what if you want to reverse a journal entry? Quickbooks allows you to delete journal entries, so you might be wondering if you can reverse them as well.
The short is answer is yes — you can reverse journal entries in Quickbooks. According to Intuit, you can reverse a journal entry in Quickbooks to track an expensew while the transaction is properly allocated between two accounting periods. Additionally, you can reverse a journal entry to fix mistakes without deleting the journal entry. If the journal entry contains erroneous information, you may want to keep it for accounting purposes. It’s important to reverse it, however, to ensure it doesn’t throw off your books.
So, how do you reverse a journal entry in Quickbooks? Basically, you must log in to your Quickbooks accont, find the journal entry by scrolling through the account history of the respective account tied to the entry, select the journal entry and click to open it, click “Reverse,” and click “Save and close.” Quickbooks will then reverse the entry.
Keep in mind that when you reverse a journal entry, Quickbooks automatically creates a new journal entry. This new entry contains some basic information like an entry number (the original entry number followed by the letter “R”), the date (the first day and month of the original transaction associated with the entry), and Debits or Credits (the debit or credit amount of the original transaction that was reversed). Of course, you’ll also find information like the account name, description and distribution in the new journal entry, all of which comes from the original transaction.
Of course, you can also delete journal entries in Quickbooks. To delete a journal entry, simply click Company > Make General Journal Entries > locate the entry and click to delete. If you have a lot of journal entries in your account, you can search for a specific entry by clicking the “Find” button, followed by entering the journal entry number into the field. Either of these methods will allow you to delete a journal entry in Quickbooks.
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