What is a QuickBooks Online Journal Entry?
A Journal Entry is a manual recording of transactions and adjustments to your accounting file.
Journal Entries allow you to transfer funds between accounts and ensure that your financial records are balanced according to specific requirements.
They should be considered as a final option for recording transactions.
It's advisable to use Journal Entries only if you have a solid understanding of accounting principles, or when advised by a professional accountant.
Additionally, it's essential to have full comprehension of debits and credits in order to accurately utilise Journal Entries.
Here are few reasons for creating a Journal Entry:
- To enter debits and credits manually, like in traditional accounting systems
- To transfer money between income and expense accounts
- To transfer money from an asset, liability, or equity account to an income or expense account
ApprovalMax does not support Journal Entries for: