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accounting156
Level 2

Does anyone know anyone that can help with journal entries for 2020 to produce tax returns tomorrow HELP HELP HELP

Please I am looking for someone that can guide me through making tedious journal entries for year end 2020. My job depends on this and I am in a real pickle.
4 Comments
Rubielyn_J
QuickBooks Team

Does anyone know anyone that can help with journal entries for 2020 to produce tax returns tomorrow HELP HELP HELP

I can walk you through making journal entries in QuickBooks Online, @accounting156.

 

Journal entries are the last resort for entering transactions. You create a journal entry for the following reasons: 

 

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

 

To create a journal entry, here's how: 

 

  1. Click the + New button.
  2. Choose Journal entry under Others.
  3. On the first line, select an account from the Account field and then enter the amount in the correct column.
  4. On the next line, select the other account you're moving money to or from and enter the same amount in the opposite column.
  5. Check the amounts.
  6. Enter information in the memo section so you know why you made the journal entry.
  7. Once done, click Save and close.

 

Additionally, I suggest consulting an accountant to help you further. They can provide additional advice as to what accounts to be used. 

 

Furthermore, learn how to reverse a journal entry to swap the debits and credits.

 

Feel free to write a comment below if you have further concerns in creating journal entries. I'll get back to you as soon as I can. Keep safe always. 

Rubielyn_J
QuickBooks Team

Does anyone know anyone that can help with journal entries for 2020 to produce tax returns tomorrow HELP HELP HELP

Hi, @accounting156.

 

Hope you’re doing great. I wanted to see how everything is going about the journal entries concern you had the other day. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at any time.

 

Looking forward to your reply. Have a pleasant day ahead!

accounting156
Level 2

Does anyone know anyone that can help with journal entries for 2020 to produce tax returns tomorrow HELP HELP HELP

Yes, I definitely need help.

Here are my issues:

  • Reconcile receivables that are duplicated by deposit JE and receivable still open
  • Reconcile loan account that was entered as a liability account 3 years ago - loan paid off balance is zero
  • Reconcile all equity accounts for year-end
  • Reconcile auto accounts that were paid off and then paid off by the insurance company

As you can see this is horrendous but I need to fix or my job.  I had a really bad bout of COVID and my mind is not all there yet.  I really need my job.

 

Candice C
QuickBooks Team

Does anyone know anyone that can help with journal entries for 2020 to produce tax returns tomorrow HELP HELP HELP

Good afternoon, @accounting156

 

Thanks for reaching back out to the Community. It's my priority that you're able to get this taken care of as soon as possible. 

 

I can walk you through the steps of how to reconcile an account in your QuickBooks Online (QBO) account. Don't worry. I can walk you through the steps. Here's how: 

 

  1. Go to the Gear (Settings) icon in the top right-hand corner. 
  2. Under the "Tools" column, pick Reconcile
  3. Hit Get started if it's your first time reconciling. 
  4. Choose the account you want to reconcile from the Account drop-down arrow. 
  5. Look over the Beginning Balance. 
  6. Enter the Ending Balance and Ending date on your statement. 
  7. When you're ready and all the information is correct, tap Start Reconciling

 

Afterward, if you have any trouble with the reconcile, you can check out this link or contact our Customer Support Team. They can use a screen share tool to walk you through some additional instructions. 

 

Let me know if this helps or if you needed to call our support team. Should you need any further assistance, don't hesitate to ask. I'm always here to lend a helping hand. Wishing you continued success!

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