If you entered the wrong information in a journal entry of Quickbooks, you should consider deleting or reversing it. In the desktop version of Quickbooks, journal entries are used for several different purposes. You can use them to enter transactions of debits and credits; you can use them to transfer amounts between two or more accounts; you can use them to transfer amounts from an equity, asset or liability account to an income or expense account; and you can use them to enter miscellaneous information about transactions.
You can create new journal entries in Quickbooks by choosing Company > Make General Journal Entries. This will bring up a new window in which you can enter the details about the entry and its associated transaction.
But if you entered the wrong information when creating a journal entry, it’s a good idea to go back and either delete or reverse it. You can easily delete journal entries in Quickbooks by logging in to your account and clicking the (+) icon, followed by “Chart of Accounts.” Next, locate the account associated with the journal entry and click “View Register.” From here, you can select the journal entry and click “Delete” to remove it. Quickbooks will ask you to confirm the journal entry’s deletion, at which point you should proceed.
Alternatively, you can reverse a journal entry instead of deleting it. Reversing it will “roll back” recent changes made to the journal entry, essentially by creating a new journal entry. To reverse the journal entry, click the (+) icon and choose “Chart of Accounts.” Next, locate the account and click “View Register.” From here, click Edit > Reverse > Save and Close. Quickbooks will then create a new journal entry the the entry number, date and debits or credits. All other information — account name and description — will be the same as the original journal entry.
Journal entries allow business owners and professional accounts to streamline their bookkeeping processes. Unfortunately, though, it’s prone to human error. If you enter the wrong information in a journal entry, it could throw off your financial records. The good news is that you can easily handle erroneous or otherwise incorrect journal entries in Quickbooks by either deleting or reversing them. Deleting will permanently remove the journal entry from your account, whereas reversing it will roll back changes made to the journal entry.
Did this tutorial work for you? Let us know in the comments section below!