Create journal entries in QuickBooks Online and Intuit Enterprise Suite

Learn how to record journal entries in QuickBooks Online and Intuit Enterprise Suite.

Journal entries are the last resort for entering transactions. They let you move money between accounts and force your books to balance in specific ways. Use them only if you understand accounting or you’re following the advice of your accountant. You should also have a good understanding of debits and credits.

Here are a few reasons to create a journal entry:

• Enter debits and credits manually, like in traditional accounting systems.
• Transfer money between income and expense accounts.
• Transfer money from an asset, liability, or equity account to an income or expense account.

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Create a journal entry

1. Select + New.
2. Select Journal entry.
3. On the first line, select an account from the Account field. Depending on if you need to debit or credit the account, enter the amount in the correct column.
4. On the next line, select the other account you're moving money to or from. Depending on if you entered a debit or credit on the first line, enter the same amount in the opposite column.
5. Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
6. Enter information in the memo section so you know why you made the journal entry.
7. Select Save and new or Save and close.

Create a multi-entity journal entry with Intuit Enterprise Suite

If you have Intuit Enterprise Suite, you can create intercompany transactions. This transaction has to be entered from the main parent company.

1. Select + New, then Journal entry.
2. Toggle the Intercompany transaction option to enable it. This adds the Company column to the journal entry form.
3. On the first line, select a company from the Company field, then an account from the Account field.
4. Enter the amount in the correct column when you debit or credit the account. The debit or credit will be recorded to the selected company and account.
5. Repeat steps 3 and  4 for all debits and credits related to the first company.
6. On the next line, from the Company field, select the other company you’re moving the funds to or from, and add all the necessary details.
7. Select Save and new or Save and close. 

The transaction will be recorded to all companies selected in the form.

Note: You can include as many companies as needed in an intercompany transaction. But, we recommend recording intercompany transactions between two companies at a time to simplify record keeping, auditing, and other financial management processes.

Related links

• Debit vs. credit in accounting: The ultimate guide and examples