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AJAY2
Level 1

1.How can I see ledger of cash and bank? 2. How can I make entry in one account if my customer is also a supplier?

 
3 Comments 3
svaishnavi
Moderator

1.How can I see ledger of cash and bank? 2. How can I make entry in one account if my customer is also a supplier?

Hi Ajay,

1. If you are looking for ledger accounts, please click on "Accounting" which appears left panel of QuickBooks. You would be able to see all Ledger Accounts on "Chart of Accounts" screen.

2. To setup a customer, please go to the Sales tab >> Customers >> New Customer

To setup a supplier, please go to the Expenses tab >> Suppliers >> New

Please note that you will need to differentiate the name slightly in one of the boxes. For e.g if you name the customer Arvind you could add a full stop (.) to the name when you create the supplier, say Arvind.

A single entry for settlement can only be made through Journal Entry. This needs to be done through the + button >> Journal Entry. You would need to involve the Accounts Receivable and Accounts Payable accounts since a customer and a supplier are involved.

Hope this helps!

Sehrish1
Level 1

1.How can I see ledger of cash and bank? 2. How can I make entry in one account if my customer is also a supplier?

I have one question how i can reverse the accrues income and accrued expense of closing balance when the invoice is already been received and also paid directly to the account as i am unable to make the entry for my revenue account as i cant choose the bank at the same moment please help thanks

Jen_D
Moderator

1.How can I see ledger of cash and bank? 2. How can I make entry in one account if my customer is also a supplier?

Thanks for reaching out to us, @Sehrish1.

 

I want to help you further with correcting your account balances. Before anything else, are you looking to reverse the closing entries from a previous period, or are you processing a reconciliation? Any details will help me provide the accurate resolution for you.

 

If you wish to transfer funds from one account to another, you can create a journal entry and use a clearing account. Doing this will help you move money in between accounts. Perform these steps to set it up a clearing account:

 

  1. Tap the Accounting menu from the navigation panel.
  2. Choose Chart of Accounts.
  3. On the Chart of Accounts tab, click New.
  4. For the Account Type, choose Bank. You can choose any detail type you want.
  5. Key in the Name for the clearing account.
  6. Do not enter any amount on the balance.
  7. Hit Save and Close.

 

Next you can create a journal entry from the revenue account to the clearing account, and the clearing account to the other revenue account. Here are the steps to guide you with creating journal entries in QBO:

 

  1. Click the Create icon indicated by a Plus (+) sign at the top-right section of the QBO Dashboard.
  2. Choose Journal Entry.
  3. Complete all necessary fields.
  4. Click Save and Close.

 

You can also see the steps to do the adjusting entries in this article:  Create a Journal Entry.

 

Please update me on the outcome or if you're referring to a different process. I'm always available to help you. Have a good one!