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Make adjusting journal entries in QuickBooks Online Accountant

by Intuit•184• Updated 2 days ago

Adjusting journal entries modify an account's total balance. Accountants use these to correct minor errors or to document transactions that haven't yet been categorized.

Common uses include recording depreciation or amortization, reallocating accruals, adjusting tax payables for interest or penalties, and entering bank or credit card fees.

Here's how to create adjusting journal entries and review them on an Adjusted Trial Balance report in QuickBooks Online Accountant.

Important: If you are not an accountant, you should use the standard process to enter a regular journal entry.

What you’ll need

Access to QuickBooks Online Accountant.
An active client company file.

Enter an adjusting journal entry

To record an adjustment within a client’s QuickBooks Online company file, follow these steps:

Sign in to QuickBooks Online Accountant.
Select the Go to QuickBooks dropdown and select your client's company.
Select + Create.
Select Journal entry.
Select the Is Adjusting Journal Entry? checkbox.
Record the journal entry details as required.
Select Save and close.

Review adjusting journal entries

Run an Adjusted Trial Balance Report to review your adjusting journal entries. This report lists all account balances in the general ledger before and after you make adjusting journal entries. It also lists the total adjusting entries. In QuickBooks Online Accountant:

Go to Reports , then Standard reports (Take me there)..
Select the Adjusted Trial Balance report, or locate it using the search bar.
Select Customize to modify the report layout or data as needed.
Confirm that your total debit and credit balances are equal.

Results

The Adjusted Trial Balance report shows your new adjusting entry. You can also use this as a general ledger report. It lists all account balances in the general ledger before and after adjustments.