How to create QuickBooks Online Journal Entry

How to create QuickBooks Online Journal Entry

Before creating a Journal Entry, you first need to set up and activate a Journal Entry workflow in ApprovalMax:




In the Journal Entry Creation step, you can specify all users who will be allowed to create Journal Entry requests. By adding Requesters to this step, they get access to Journal Entry Creation via the button .

  1. In your Organisation, select Journal Entry and click on CREATE A REQUEST:


  2. You can now create a Journal Entry approval request:

     
    1. Fill in the mandatory data such as Journal Date and Number.

    2. In the first line, select an account from the Account field. Depending on whether you want to debit or credit that account, enter the amount in the correct column.

    3. In the next line, select the respective other account - the one you're moving money to or from. Depending on whether you entered a debit or credit in the first line, enter the same amount in the opposite column.

      Accounts Receivable (A/R) account: needs to have a Customer in the Type field. The Customer must have the same currency as the account receivable.
      Accounts Payable (A/P) account: needs to have a Vendor in the Type field. The Vendor must have the same currency as the account payable.

    4. Check the amounts - you should have the same amount in both the Credit column in one line and the Debit column in the other. This means the accounts are in balance.

    5. Enter some information in the memo section to explain why you created the Journal Entry.


  1. When done, click on the SUBMIT FOR APPROVAL button.
Once submitted, the Journal Entry request will run through the predefined approval workflow. When all approvals are in place, the Journal Entry will be pushed to QuickBooks Online along with a detailed audit trail of the entire workflow.