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Level 1

closing out an old account

Hi, i have an old account with a balance that i closed years ago but its still showing up on my balance sheet. how do i create a JE to remove it? 

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closing out an old account

I'd be happy to show you how to create a journal entry in QuickBooks Desktop (QBDT), @alopez1025.

 

Before we proceed with the steps, I highly suggest consulting your accountant or accounting professional for guidance on which account receives the debit and credit side of the transaction. Since every business structure is unique, they can help determine the correct recording.

 

To create a journal entry, here's how:

  1. Click the Company menu at the top. 
  2. Choose Make General Journal Entries
  3. Fill out the fields to create your journal entry.
  4. Pick Save and new or Save and close.

To learn more about recording journal entries in QBDT, take a look at this article: Create a journal entry in QuickBooks Desktop for Windows or Mac.

 

In case you want a report that will show debits and credits for each transaction, run the Transaction Journal Report. See this resource for future reference: View The Transaction Journal Report In QuickBooks Desktop.

 

Keep me posted if you have any additional questions, as I'm always here to help. Take care.

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