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lminogue211
Level 1

How do i make a journal entry for the prior year. it is for my profit sharing contribution?

 
1 Comment 1
IamjuViel
QuickBooks Team

How do i make a journal entry for the prior year. it is for my profit sharing contribution?

It’s great to have you here, @lminogue211.

 

Welcome to the Community! I’m here to help walk you through in creating a journal entry to record your profit sharing contribution in QuickBooks Online.

 

Here’s how:

  1. Click the Plus Icon.
  2. Choose Journal Entry.
  3. Type in the transaction's date in the Journal Date field.
  4. On the first distribution line, in the Accounts field, enter any account listed in the Chart of Accounts.
  5. Enter the transaction amount in the Debits or Credits column.
  6. The Description you enter appears on reports that display transaction details. (Specify a customer, vendor/vendor, or employee associated with the line in the Name field.)
  7. Continue to enter distribution lines until the sum of the Debit column entries equals the sum of the Credit column entries.
  8. Click Save.

As for choosing the account’s affected, I’d recommend reaching to your accountant for you to be guided properly.

 

Please don’t hesitate to click the Reply button below if you have other concerns about tracking your profit sharing contributions. I’m always here to lend a hand.

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