Our CPA completed our business taxes and sent over a list of adjusting entries for the end of year. They are all self-explanatory except for one which involves two accounts I have not used or seen before. I am trying to book a loss on an open job, and the entry is Credit XXX to Accrued Loss on Open Jobs, and Debit XXX to Estimated Loss on Open Jobs. I will need to set up both accounts in order to process the journal entry, but I am unsure what the account type(s) should be. Searches on Google and the QB site have come up empty (always possible I am using the wrong terms, of course). Can anyone tell me what these account types should be? Thanks in advance - Jackie
You'll need to ask this person why and what this is all about. For one thing, you never use a JE in QB for Job tracking; you never use a JE with Names, and you cannot list Items here at all. So, you need to ask them about this task and the reason and the goal. Your reporting already shows Est vs Actuals and Net. Making real entries also for some sort of difference doesn't make sense up front, so you need to ask them.