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VMR302
Level 2

sales effecting account balances

Is there a way when I record sales that it will subtract the value of an account?

For instance, I have a motorcycle valued at $500 with its own account (1004-01) in the chart of accounts.

I sell $100 of parts off of that motorcycle.

Is there a way in QB Online Simple Start to have my +$100 entry in the Sales (4001) account also subtract -$100 from the 1004-01 account?

Thanks in advance,

Ray

Solved
Best answer February 26, 2021

Best Answers
JonpriL
Moderator

sales effecting account balances

Hello @VMR302,

 

You can create a journal entry to enter a sale that'll subtract the amount to the created account in your chart of accounts. Let me show you how.

  1. Go to the +New button.
  2. Under OTHER, select Journal Entry.
  3. Select the appropriate date of your journal entry.
  4. Choose the needed category and enter the amount of your transaction.
  5. Click Save and close.

In the same manner, here's an article you can read to learn more about creating a journal entry: Create a journal entry in QuickBooks Online

 

But please know that it is recommended to contact your accountant if you need the specific name of the category to use. If you haven't yet, you can use this link to find someone near you: Business is better with a ProAdvisor.

 

On top of that, I've also included this reference for a compilation of articles you can use while working with us: Know where you stand financially.

 

If you have any other questions, please let me know by leaving any comments below. I'll be here to lend a hand.

View solution in original post

2 Comments 2
JonpriL
Moderator

sales effecting account balances

Hello @VMR302,

 

You can create a journal entry to enter a sale that'll subtract the amount to the created account in your chart of accounts. Let me show you how.

  1. Go to the +New button.
  2. Under OTHER, select Journal Entry.
  3. Select the appropriate date of your journal entry.
  4. Choose the needed category and enter the amount of your transaction.
  5. Click Save and close.

In the same manner, here's an article you can read to learn more about creating a journal entry: Create a journal entry in QuickBooks Online

 

But please know that it is recommended to contact your accountant if you need the specific name of the category to use. If you haven't yet, you can use this link to find someone near you: Business is better with a ProAdvisor.

 

On top of that, I've also included this reference for a compilation of articles you can use while working with us: Know where you stand financially.

 

If you have any other questions, please let me know by leaving any comments below. I'll be here to lend a hand.

View solution in original post

VMR302
Level 2

sales effecting account balances

Jonpril,

Thank you very much.  It seems simple enough.  I will give it a try today.

Thanks again for the excellent and quick response

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