QuickBooks Online Journal Entries

[@worldwidequickbooks]

Hello, my QuickBooks online advanced students. The topic of this QuickBooks online lesson is entering and recording journal entries. You enter debits and credits in the “make journal entry” window. You can make rare transactions like purchasing assets by assuming a loan or paying a loan with a non-cash asset. The account balances in the chart of accounts will change without making a source document and it will not change any other area of QuickBooks online data like the customer or vendor records. I thank you all and hope that you will click “like” and “subscribe”

[@zerladiaz1608]

What happen if an asset account/office eqpt was not created.. it was on loan, only monthly payts to the supplier was posted, how can you adjust it to have a depreciation expense, since expenses are understated

[@fanglu1623]

Thank you so much sir. You are the best instructor! Your lectures are very detailed and easy to understand.

[@worldwidequickbooks]

So nice of you I hope you will quit like after watching each 12 help support the free channel for everyone and please subscribe Mark

[@fanglu1623]

​@@worldwidequickbooksI subscribed your channel a while ago.😊 I just come up with a question. If I bought an equipment and paid some cash with a loan, should I record the cash payment by journal entry or bill payment ? Thanks.

[@jeanettevangelista5738]

I find your videos truly helpful. They are comprehensive and serves as a refresher course since your assumptions are awesome. You are indeed a great teacher. Thank you.

[@worldwidequickbooks]

WOW. Thank you so much. I hope you will remember to click "like" after each one to support the channel for everyone to benifit free. And please subscribe. -Mark

[@monsieurgarf4058]

Ok I think I found the answer to my question that I asked on the other video. Man these courses are a lifesaver thank you so much :)

[@worldwidequickbooks]

Great to hear! Don't forget to click like after watching each one to help support the free channel for everyone and thank you for subscribing and being a loyal fan. Mark

[@monsieurgarf4058]

@@worldwidequickbooks of course! I am even liking videos I am watching that aren't what I was looking for because they have helped me learn something for future use! Thanks again!

[@nilminigunatilaka4952]

Just recently, I watched your Quickbooks online account videos to get some hints. Thank you so much all those explanations are very clear. I have a question for you, How do I do a journal entry for an opening balance in Balance sheet under Accounts Receivables. The opening amount is negative and it is a brought forward balance from year 2020 to date. Thank in advance for your kind support.

[@worldwidequickbooks]

Thank you for the kind words; I'm happy to help. To set up any system, including one that has open accounts receivable at the moment you set up, watch this playlist that specifically explains how to set up opening balances for each area. kzbin.info/www/bejne/iH-2pX1vjrajq9U You need to watch the videos in proper order and I promise you will have what you need. I hope you will click "like" after watchung each one to help support the free channel for everyone and please subscribe. -Mark

[@fritzalsaint7666]

Great Video!!! you are the best. Thanks

[@worldwidequickbooks]

Thank you too! I have videos for everything in quickbooks and all I ask is that you click like after watching each one and click subscribe to help support the free channel for everyone Thank you again Mark

[@beckymcloud5318]

This is so helpful! 😊

[@worldwidequickbooks]

Glad it was helpful! I hope you will click like after watching each one to help support the free channel for everyone and please subscribe Mark

[@kimshafferlcpc9391]

I have some expenses that are in my personal; account but are actually business expenses. Can I make a journal entry for each one to add to my business account? What are the basic steps? Can it be withdrawn from owner's draw?

[@worldwidequickbooks]

Thank you for asking this playlist will give you everything you need if you watch it in proper order It may show quick books desktop with the ideas applied a quick books online as well kzbin.info/aero/PLqRhgBZfJuE7ZB_1P97kFKntwstDBa6Tm

[@angelicaortiz7146]

I need doing a journal entries I have in the books record the babk loan from the purchase of a property But need help recording the closing cost

[@worldwidequickbooks]

Thank you and I'm happy to help but that is an accounting question not a quick book's question.. You have to ask your tax cpa or accounting person. If? You are choosing to make the closing costs and expense that you deduct or if your choosing to make the closing cost as part of the capital asset cost. Once you've decided which one that you're going to use,. Please contact me and I will tell you how to record the journal entry.. Mark.

[@adrianneschaefer2622]

I started with a company who used QuickBooks and their books are a complete mess. Not only are ending balance wrong but several accounts have not been reconciled in a couple years. If I know the what the correct beginning balance should be, is there a way to just make a journal entry to bring certain accounts to zero and start fresh?

[@worldwidequickbooks]

Thank you Adrianne, If the books are simply a bloody mess, it will take you longer to untangle then it will to start fresh. This playlist shows how to establish, objectively, all numbers correct as of a specific start date............ kzbin.info/www/bejne/iH-2pX1vjrajq9U So, even if you do not start over, the ideas about how to establish correct numbers, as of a specific date, are here in the playlisty. Take your time and watch it in proper order and you will know everything you need; please stay in touch and let me know. -Mark

[@lisaj4441]

Hello I am creating a journal entry for the employee retention tax credit. My accountant says that I should credit the payroll tax account and debit operating cash. Should it be reversed? I should debit the payroll tax account and credit the operating cash account. Am I correct?

[@worldwidequickbooks]

Thank you but that's more of an accounting question than a quick books question It would take me a paid session to figure out the entire context before I could answer responsibly I don't know why you would keep on an accountant that you would 2nd guess But I cannot comment on your situation

[@janeh5949]

when I make a needed journal entry to correct B/S balances, what do I do with the field with the check that holds the R for reconciled etc.? Do I leave it blank?

[@worldwidequickbooks]

Leave it blank it's not relevant to what's in the video

[@amberkeita9179]

YOU ARE A GREAT TEACHER!

[@worldwidequickbooks]

Thank you so very very much I hope you will click like after watching each video And subscribe Mark

[@alycharjar]

Before I received my business card, I made purchases with different personal credit cards that I have and not on some reimbursed myself from my business account. How do I record them in the journal. Also, once I reimburse myself overtime, is that when the expense will show up on my profit and loss report?

[@worldwidequickbooks]

Thank you Alycha, #'s 7, 8 and 9 in this playlist will show you what to do. kzbin.info/www/bejne/d2a2daSsmbaanbs in this playlist will explain what to do when paying busines expense from personal account and vice versa -Mark

[@davidtranfinance3187]

Love this! very good video thanks for sharing

[@worldwidequickbooks]

Thank you for the compliment and I'm glad it helped you I hope you will click like after watching each one to support the free Channel and continue to give good free help to everyone. And I hope you will subscribe and I'm here if you have any questions Mark

[@rwilber72]

If I want to make a journal entry to record "Uncategorized/Other Income," it would be acceptable for the debit/credit balance to be off, correct? I can't imagine what I would put in the debit column.

[@worldwidequickbooks]

If you received it, that means they paid you some cash or gave you a promise to pay or gave you some other asset if you earned income or receive income So one of those would go in the debit column it would either be your bank account or undeposited funds or accounts receivable or if they gave you a physical at that you would debit that particular asset

[@rwilber72]

@@worldwidequickbooks The particular situation I'm trying to sort out is actually rewards points being used while purchasing inventory - I already recorded my COGs without considering the discount, so now I'm trying to decrease my inventory asset account in consideration that I paid that amount less for the items. Since I have a rewards account in QB, I was going to add the value to there then do a double entry, but now I don't know :D

[@worldwidequickbooks]

@@rwilber72 +Would it ber enough for you to track your rewards points in a separate discount account or do you need to aportion the rewards points over all your purchases. If you do it the first way, it's very easy. If you do it the second way, its very involved. -Mark

[@rwilber72]

@@worldwidequickbooks Ok. How would I add the rewards points into an account without it being a double journal entry?

[@worldwidequickbooks]

@@rwilber72 What do the rewards poits do?

[@russellkandel2842]

Awesome explanation.

[@worldwidequickbooks]

Thank you; I hope you will click "like" and subscribe -Mark

[@hudeifamohamed3631]

I have problems on depreciation of fixced asset ,interms of entering ,transacting. Kindly guide me.

[@worldwidequickbooks]

Only QuickBooks Accountant desktop version has a fixed asset manager. For QBO fixed assets, you need to search for apps that go with QBO. SOme may be free. Please define " ,interms of entering ,transacting" and I will try to help you -Mark

[@hudeifamohamed3631]

@@worldwidequickbooks I'm using desktop version,I need general overview on how depreciation asset operates (,given book value and depreciation rate) thanks.

[@worldwidequickbooks]

@@hudeifamohamed3631 Thank you but that's not a quickbooks topic. You can google how to find the depreciation amounts. Then you make an adjusting jounral entry. I can give you a video about adjusting journal entries but it does not give the dereciation adjustments as examples. Please let me know if you want the adjustemnts video -Mark

[@hudeifamohamed3631]

@@worldwidequickbooks depreciation of a fixed asset given that the book value and the depreciation how to enter the depreciation given the book value and depreciation rate

[@worldwidequickbooks]

@@hudeifamohamed3631 the only depreceaition feature anywhere with quickbooks is the "fixed asset manager" that comes with the accountant's edition of quickbooks. That's it!! if you don't want to us ethat, the you use a college accounting text book and you make the adjustjment yourself. -Mark

[@powerfulcreators7575]

Can I add to an existing journal entry at a later date? or all transactions for that month need to be entered all that once.

[@worldwidequickbooks]

You can edit a transacton after the month end but then you would have different final numbers on the end of month report. -Mark

[@williamquatman7496]

Question: I made a mistake when paying a contractor. I categorized the transaction on accident as (checking) account and also chose my checking account to withdraw the money. This now shows me paying my contractor but also show a deposit in my account also. Any ideas on the journal entry to fix this?

[@worldwidequickbooks]

You question is irrationally worded and makes no sense , please clarify

[@williamquatman7496]

So when i pay contractors under payroll at the top i chose my checking account under account (which should i should have chosen contractor) then under pay from i chose my checking account again. How would i correct this mistake so that it balances my checking account properly.

[@worldwidequickbooks]

@@williamquatman7496 Dlelte the wrong transaction and re-enter it correctly -Mark

[@tomlee1896]

How do you record quickbooks online if you withdrawal cash $200 from ATM from your business debit card to buy friends tool for your work of business but just handwritten receipt for documents.

[@worldwidequickbooks]

Cash withdrawl goes to petty cash and then the cash expense yousave the receipt. Watch these videos and look at the topics in the playlist. kzbin.info/www/bejne/jIvUnayIbb96oKc

[@DeepakAdhav]

Really Great explanation and a great teacher! Can you please make a video on Quick Books for Amazon Seller or eCommerce business owner? there is no such information I found for Amazon seller! could you please make a video on that? really appreciate it!🙂🙂🙂🙂. I saw your previous video for Amazon seller but need to learn from starting to the end specially for Amazon seller!

[@worldwidequickbooks]

Thank you so much for the complements. If you saw the amazon video I made, then the only other things you need are how to set up a file and how to record expenses. Try this playlist: kindergarten quickbooks. kzbin.info/www/bejne/g5aroJ6EjMuVmdE Be patient, it's very slow but it may give you most of everything else you need. After you finish this playlist. Tell me specifically what else you may need. I may have videos for that. I hope you will clcik like and subscribe -Mark

[@DeepakAdhav]

Thanks lot for the quick reply! Really appreciate your help.i am amazon japan seller and I want to use quick books online with integration. I will go with that playlist and check. If possible you can make start to end video for amazon seller! It will be huge help.checked on udemy and I don’t find there too

[@danballard3382]

QuickBooks Dude - I have a question I can't seem to get answered. I work as a bookkeeper for a small non-profit. Everything is simple: cash in/cash out. My challenge is recording end of year credit card challenges that occur at the end of December (after the Dec CC statement cut-off date, usually around the 26th) and show up on the January CC bill. By definition, these are Payables for the current year, which are then paid in the new year. Please help me learn the proper method to record these.

[@worldwidequickbooks]

Simply go through the january Statement for any transaction during the end of December and just record them with the actual date of teh transaction. This way, you are reconciled up until December 26th and you carefully entered any transaction between the 26th and Dec 1. So, your whole year is correct. I hope you will "like" the videos and subscribe. -Mark

[@janeh5949]

accrue those expenses which you will pay in January

[@nursultanmavlianbekuulu9420]

Hi sir, thank you for your explanation! If I get a loan for $100 000 my "Assets account " will increase up to $100 000 right? What about the "Iiablitie account" should I include the interest amount as well Or just a principle? Thank you in advance!

[@worldwidequickbooks]

Sorry for the late reply, I'm having trouble getting my comments from KZbin in a timely manner Answer your question properly, when you first get the loan you only record the principal in the long-term liability account and the asset has nothing to do with it it only has to do with the amount that you owe at the moment that you first borrowed The interest only comes later as it happens over the life of the loan I'm here if you have any other questions and I could give you videos that help explain that and demonstrate that if you need just let me know Mark

[@gijeet5374]

Hi, I think you are awesome! I have a question. What do you mean by "owner buys an asset and assumes a loan for the asset" ? which way is the loan going? Who owes who and how is it entered? thanks and keep up the great work!

[@worldwidequickbooks]

Thank you so much for the complement. Assuming a loan to buy an asset is like buying a car and signing the finance agreement with the dealership. You did not pay, you took the asset, the car, but did not pay. Instead, you assumed a loan;you agreed to pay the balance of the liability- car loan. Same thing like a mortgage. You own the asset, the house, but you did not pay, instead, you assumed a mortgage. So, you have the asset AND the liability at the same time becaause that;s how you got the asset without paying. Make sure you see all the videos in the advanced playlist that relates to journal entries. kzbin.info/www/bejne/iYPNlaCgmcScbNk I hope you will "like" and subscribe.

[@sanzedasalim]

Thanks a lot.....

[@worldwidequickbooks]

I'm glad it helped and I hope you will click like and subscribe

[@CreativeBlue]

How can I view all my previous journal entries at once, as a list?

[@worldwidequickbooks]

You can make a report and if it's a custom report you can put on it only journal entries and filter out anything that's not a journal entry

[@CreativeBlue]

@@worldwidequickbooks Thank you. Indeed, just after posting this question, I found out about the Custom Report with JE transactions only.

[@tomlee1896]

How

[@worldwidequickbooks]

How to you to