Entering a payment in a new tax year

stevehere · ‎February 25, 2022

Good morning,
We buy and sell land in a small way
In September 2021 I entered the purchase of a piece of land in QB's by creating a bill and adding all the fees involved as separate line items
Today we still hold that land and I have received an invoice from the HOA
Obviously, I can write them a check but I cannot get it to show under that property for today's date.
If I try and manually enter it, it shows as last year's date and will mess up the reconciled accounts.
How should I enter it?

Thank you

Charies_M · ‎February 25, 2022

I got you covered, stevehere.

You'll want to record a journal entry. This way, you can enter the amounts in the correct accounts without messing your reconciled accounts. Doing this requires assistance from an accounting professional to make sure everything is accurate.

Here's how:

Go to the Accountant menu.
Choose Make General Journal Entries.
Fill in the necessary information. Under Memo, enter the item reference.
Click Save & Close.

Here's a good reference to learn more about creating a journal entry in QuickBooks Desktop.

If you wish to review the entries, you can do so by going to the bottom pane of the Make General Journal Entries window.

Check out this article about Transaction Journal report in QuickBooks Desktop for additional information.

Should you be needing more help from me, just leave a reply below. I'd be more than happy to assist. Have a great rest of the day!

View solution in original post

Charies_M · ‎February 25, 2022

I got you covered, stevehere.

You'll want to record a journal entry. This way, you can enter the amounts in the correct accounts without messing your reconciled accounts. Doing this requires assistance from an accounting professional to make sure everything is accurate.

Here's how:

Go to the Accountant menu.
Choose Make General Journal Entries.
Fill in the necessary information. Under Memo, enter the item reference.
Click Save & Close.

Here's a good reference to learn more about creating a journal entry in QuickBooks Desktop.

If you wish to review the entries, you can do so by going to the bottom pane of the Make General Journal Entries window.

Check out this article about Transaction Journal report in QuickBooks Desktop for additional information.

Should you be needing more help from me, just leave a reply below. I'd be more than happy to assist. Have a great rest of the day!

stevehere · ‎February 26, 2022

Great, thank you

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Entering a payment in a new tax year