www.QBUniversity.org - feel free to leave a comment or question here!
@vertronics5 ай бұрын
Thanks. Your video was a simple explanation and straight to the point without the fluff . 🎉
@QbuniversityOrg5 ай бұрын
Thanks!
@tiffanycade72736 ай бұрын
Thank you so much! I am working on a University accounting assignment and the instructions were awful!! However, your video was so perfect, clear, and concise!! Much Appreciated!!
@QbuniversityOrg6 ай бұрын
You’re welcome!
@dennisd72922 ай бұрын
How do you up prior journal entries. Thanks!
@Cherry-fe8fh13 күн бұрын
Hi for example record the transaction when I received the invoice ex. I bought office equipment and at the end of the year I need to do some adjustment by creating a journal entry. So do I have still record the Office equipment account and bank account in the journal entry or just Depreciation expense and Accumulated depreciation accounts ?
@angelinagodfrey6814 Жыл бұрын
This was just what I was looking for. Thank you 🎉
@QbuniversityOrg Жыл бұрын
You’re welcome!
@dennisd72922 ай бұрын
How do you look up price journal entries? Thanks !
@user-kf6xb7tn1w11 ай бұрын
A former accountant added journal entries to reclassify certain entries. None affected the account balance, just designations for tax purposes. However, some were entered in a manner that did impact the bank register, which has altered the register, post account reconciliation, and prevents reconciling the succeeding bank statements with the register. Is there a solution to this? Thank you.
@QbuniversityOrg11 ай бұрын
The only way to fix this would be to 1) reverse that entry or 2) do another entry fixing it this year. I would ask the accountant why they made this entry since it messes up your recon and what they suggest you do to make it correct
@christinawhitehouse33036 ай бұрын
Thank you, very helpful
@QbuniversityOrg6 ай бұрын
You’re welcome!
@rodgerpyle9945 Жыл бұрын
Explained very well.
@QbuniversityOrg Жыл бұрын
Thanks!
@abdullahalnoman3305 Жыл бұрын
I am not clear why we need to make journal entries in the first place? Can't we create an expense for a chart of accounts and offset the source account? If we do journal entries, then what happens with other transactions that we made through invoice/ expense account? Do we need to create journal entries for those as well?
@emanuelomosh635126 күн бұрын
exactly. this is the question i am asking. why do we need to do journal entries ? did you get the answer
@jenniferludwig16014 ай бұрын
Thanks for your video, that was really clear, I do have a question I'm looking to resolve. Last year we took out a LOC for our farm and wrote checks to our checking account since most of the expenses we paid through that account. I recorded this portion of the deposit (as it was with other invoice payments) as ask my accountant to resolve later. I've just created the LOC account and need to figure out how to update those reconciled deposits to be transfers instead. Can I use a journal entry for this and if so, how do I update the original deposits to account for this? TIA!
@QbuniversityOrg4 ай бұрын
Yeah I think your best bet is to do a journal entry to move it from Ask my accountant to the LOC account. I would not update the original deposits because you most likely will not be able to change them (you might be able To just change the account, you’ll have to try it first on one deposit). Journal entry would be quick and easy
@LeishlaBartolomei4 ай бұрын
Hi, I am new at this. I need to remove a whole year and half of another one of charges from a credit card acct since the company didn’t have any income during that period and the owner was paying with his personal bank acct those expenses. Is a journal entry the best option to do this? I need to make them disappear from my renconciliation list
@KimmyDaBaddest2 ай бұрын
Quick books wont let me put the debits or credits
@QbuniversityOrgАй бұрын
That’s strange. What version do you have?
@sweetkandee15828 ай бұрын
how can I find a journal entry that I made in the past and need to fix? Thanks
@QbuniversityOrg8 ай бұрын
You can search using an amount, go to the register and go to the account it affects and double click it, etc
@zerladiaz160811 ай бұрын
Does it mean manual journal entries are for depreciation, pre paid expenses, accruals, interest inc. or expenses since other expenses are done automatically? Newbie here
@mjhult11 ай бұрын
Yep sure does
@HI-bv9is Жыл бұрын
When entering a journal entry for accruals at the end of the month, is there a way or something to select to reverse the JE in the beginning of the month? Thank you
@sweetkandee15828 ай бұрын
Thank you so much for this explanation! I messed up a couple of these this past year and need to fix them. Is it possible to fix a journal entry, or do we just start over on a new one to fix a messed up one? Hope that makes sense. Candy
@QbuniversityOrg8 ай бұрын
You can do it either way but I would just change the original entry
@caramelcookie5574 Жыл бұрын
So this feature is strictly for adjusting entries only? I'm old school and having been using it for every transaction which is why I'm guessing the numbers are overstated or understated and even more frustrating, the reason I see duplicates in issues w/the reports.
@frankayala395011 ай бұрын
Hi, i enjoy learning from your vids. Great videos you compose. Thank you for your vids. Question, is there a way i can pull up journal entries by GL categories? Thank you once again.
@mjhult11 ай бұрын
Do you mean by accounts? You could run a GL and filter it for just journal entries
@israelalvarado9720 Жыл бұрын
Would you say that making any record. Like receiving payment on an invoice , paying an invoice , paying a bill. Credit memos , are all this journal entries ?
@QbuniversityOrg Жыл бұрын
Technically yes they are but QuickBooks has you enter those things and does the accounting behind the scenes so you never really realize you are making journal entries
@user-gk3ph3ph3i Жыл бұрын
How can we add Tags to Manual Journal entry in QB Online (Simple subscription)
@Knowledgeably20235 ай бұрын
We are a school using quickbooks but without the payroll option. How do we account for staff loans/advances? We were thinking of using journals for this monthly transaction but don’t know how to go about it.
@QbuniversityOrg5 ай бұрын
When the loan happens you record it as an Other Current Assets and then as it’s paid you put it back against that account
@Sein2317 ай бұрын
Hello sir, I just started working as an accountant after graduation. I am working at a firm as an accountant but majority of my task is just recording bank statements on write checks and recording credit card statements on credit card charges and reconciling and as well doing payroll. My question is when do I do journal entries? I record and reconcile so I'm just wondering when to do journal entries? Is it after reconciliation?
@QbuniversityOrg7 ай бұрын
In general you would do journal entries when you close the accounting period for non cash type transactions, like depreciation and amortization, or for items like prepaid expenses and accrued expenses
@user-lm4pi7tj6k Жыл бұрын
Hi, may I know if I may "update" a journal entry ? ie, correct the journal after some time ? Thanks
@QbuniversityOrg Жыл бұрын
Yep absolutely you can
@igoys30168 ай бұрын
Can i use the same to transfer between account. Like in QBO when i did payroll i selected account a but the amount got took off from the correct account B. But in trasaction it shows i see the amoint is in Accont A. can i adjust that?
@QbuniversityOrg8 ай бұрын
Yes you can
@JorgeKiaty Жыл бұрын
Thank you for this tutorial. Can you explain how can I see a list of my jounal entries please??
@QbuniversityOrg Жыл бұрын
Under reports you should be able to pull up a report of journal entries
@craigkennedy7677 Жыл бұрын
hey i have just started doing my wifes accounts and the licensee subtracts cost on a monthly basis out of her income , whats the best way to show this . We dont invoice them they provide payment sheet showing credits and debits.
@QbuniversityOrg Жыл бұрын
I would record it as a Sales Reciept and show the full gross amount as the sale then subtract the fees
@babsoneverything30606 ай бұрын
My boss would like me to make journal entries for prior years, that have already been reconciled, and he wants it in the year that it affected. Is this possible?
@QbuniversityOrg6 ай бұрын
It’s possible but it may mess up your reconciliations
@babsoneverything30606 ай бұрын
Thank you. That's what I thought.@@QbuniversityOrg
@QbuniversityOrg6 ай бұрын
Welcome!
@hhstyuihggfv Жыл бұрын
How do you enter journal entry for income(if a rental income for one month is accidentally deposited on my personal account) and if I want to record that on a business account? Thank you.
@QbuniversityOrg Жыл бұрын
I would credit Rent Income and Debit Owners Distribution
@user-pe4fs4mf2c10 ай бұрын
I did an adjusting entry under the Company-Make General Journal Entry. When I clicked the enter button and refreshed my report the transaction did not appear. What am I doing wrong?
@QbuniversityOrg10 ай бұрын
Check the date on the entry and the date range of the report
@user-pe4fs4mf2c10 ай бұрын
@@QbuniversityOrg I checked that as I have made that mistake in the past. Thanks for taking the time to reply. Any other ideas?
@whoknowsbb5705 Жыл бұрын
How do you do adjusting journal entries though?
@QbuniversityOrg Жыл бұрын
Do you mean how do you do the debits and credits?
@glennvaughan9771 Жыл бұрын
Matt - I have a question that I hope you can help me with. it has to do with entering openning balances. I work for a law firm in Ontario, Canada. The offset of a trust account open balance cannot be equity - any help would be appreciated
@QbuniversityOrg Жыл бұрын
You should have an offsetting liability called Trust Liability and they should match. That money is unearned until it comes out of the Trust account, so it is a liability
@glennvaughan9771 Жыл бұрын
@@QbuniversityOrgwe enterred outstanding cheques in each sub account. then we entered a deposit to offset the outstanding cheque. My client trust account doesnt balance, and we have a bunch of unreconciled deposits
@karenarias2711 Жыл бұрын
Hello! How can you edit them once saved?? I cant find them and I accidentally put in the wrong amount.
@QbuniversityOrg Жыл бұрын
You can go back to the make journal entry screen and click back until you find it or open a report like a PL that had accounts in the entry and double click the number (drill down) to the journal entry
@karenarias2711 Жыл бұрын
@@QbuniversityOrg wow thanks! You saved my homework!
@QbuniversityOrg Жыл бұрын
@@karenarias2711 you’re welcome!
@mashood592 Жыл бұрын
Purchase inventory of $1000 for cash and sold same inventory for $2000 for cash. what will be journal entry of the transaction?
@QbuniversityOrg Жыл бұрын
Where did the cash come from? The company or you personally?
@mashood592 Жыл бұрын
@@QbuniversityOrg its cash on hand.
@QbuniversityOrg Жыл бұрын
@@mashood592 if you didn’t already record the purchase then: Cash on hand credit 1,000 Inventory debit 1,000 Inventory credit 1,000 Cash on hand debit 2,000 Revenue credit 1,000
@mashood592 Жыл бұрын
@@QbuniversityOrg i record the purchase already
@QbuniversityOrg Жыл бұрын
@@mashood592 take out the first 2 lines of the entry
@jocunningham Жыл бұрын
Is QB better than Xero
@QbuniversityOrg Жыл бұрын
Personally I think it is
@richgold5414 Жыл бұрын
Is this similar to QB desktop?
@QbuniversityOrg Жыл бұрын
The theory is identical but how you get there is different. In QB Desktop go to the Company drop down menu and choose Make general journal entries
@richgold5414 Жыл бұрын
@@QbuniversityOrg I want to get into your university (desktop). I’m working on my GM. I’m new and we work with the Enterprise version.
@mjhult Жыл бұрын
That would be great if you joined!
@barbaraknowles861510 ай бұрын
This is not a good example of a journal entry. Journal entries are usually an internal G/L entry between 2 accounts yes, but not usually the bank account as it will affect your monthly bank reconciliation. A better example would be between office expenses and office supplies. That way the bank is not affected.