I am new to Quickbooks desktop although I have used other accounting software.
Question #1: I want all journal entries for a month to be sequential starting with the number 1 and then for the next month I want to start the sequential numbering again starting with the number 1. For example if I generate a journal entry in March that is for the month of January I want the journal entry number to follow the last journal entry that was prepared for the month of January. Ideally the JE number would refer to the specific month/year. That way if I am looking at activity for the year I can tell the month & year that a JE relates to. Something like 2022-01: JE # 1 then 2022-01: JE #2, etc. and for the following month 2022-02: JE #1 then 2022-02: JE #2 then 2022-02: JE #3, etc. Or maybe something like "2022-01:01, 2022-01:02, ---> 2022-01:11" for the month of January 2022 and "2022-02:01, 2022-02:02, 2022-02:03" etc. for February 2022. How can I accomplish this? Or is there another way to get to the same result?
Question #2: There are standard JEs that need to be posted every month. For example: depreciation, amortization of prepaids, etc. Is there a way to have a memorized JE for each month for depreciation and each month that entry is JE #1 and one JE each month for prepaid amortization using JE #4. How do I accomplish?
Thanks for your help in advance!
QuickBooks Desktop allows you to accomplish a variety of things. I'll show you how to create a recurring transaction and sequence the journal entry numbers.
Please make sure that Automatically assign general journal entry number is chosen under Preference before we continue.
Now, let's create a journal entry.
You'll also be able to memorize your journal entry transaction, either to automate it or to add it to your reminder list if one is needed.
I've added this article for your reference in creating journal entries: Create a journal entry in QuickBooks Desktop for Windows or Mac.
Additionally, you can visit this resource to learn about creating custom templates for your sales form for future reference: Use and customize form templates.
Let me know if you need further assistance with the journal entry. I'll be here to help you.
Thank you for the info about setting up and memorizing journal entries. I am still struggling with how to rationally number JEs within Quickbooks.
1. How can I assign automatically the same JE number for the depreciation entry for each month where the depreciation entry is JE#2 in January, February, March, etc.?
2. How can JEs for non-recurring transactions that relate to one month be notated as relating to that particular month and numbered sequentially for that month no matter when the JE is posted? Then how can JE sequencing start over for entries related to the following month? For example for the month of May 2021, all journal entries related to May are numbered sequentially even if a JE for May is posted in July (assuming May had not yet closed). Then for June, journal entry sequencing would start over.
Thanks for getting back to us. I'd like to shed some light and explain the journal entry number sequencing in QuickBooks.
Just to give some ideas on the two questions, the JE numbering sequence will keep on continuing to the next number. So, we're unable to automatically assign the same JE number for the depreciation entry.
As for notation, you can add another set of letters on the ENTRY NO. field. Though, take note that QuickBooks will always use the numbers for sequencing.
So, what you can do is to manually edit the ENTRY NO. field to start the sequence again and notate a particular month. Another option for the notation is to simply use the MEMO column. Here's a sample screenshot:
Manually editing can be achieved regardless if you're using a standard journal entry or recurring journal entries. If you opted to have QuickBooks automatically create those entries, make sure to go back to them and start editing the ENTRY NO. field.
Though, you'll want to use the Add to my Reminders List instead and create the JEs. This way, you can review the accounts and the corresponding amounts then notate them properly and take control of the sequencing.
We do have a bunch of video tutorials in QuickBooks Desktop. If you want to learn the ropes in recording your customer transactions or vendor bills, check them out here: Videos for QuickBooks Desktop (make sure to set QuickBooks Desktop under Videos for, then select a topic).
Want to tackle the Reports feature in the program? I'm sure this article will come in handy: Understand reports.
I'd be happy to show you around the program if you have other things to set up (banking, customer lists, reports, etc..). Lay down the details on what you need to do and I'll gladly help you out again.