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Make adjusting journal entries in QuickBooks Online Accountant

by Intuit•1• Updated 4 months ago

Learn how to create and review adjusting journal entries.

An adjusting journal entry is a type of journal entry that adjusts an account's total balance. Accountants usually use adjusting journal entries to fix minor errors or record uncategorised transactions. Here's how to create adjusting journal entries and review them on an Adjusted Trial Balance report in QuickBooks Online Accountant.

Note: This feature is only available in QuickBooks Online Accountant. If you're not an accountant, here's how to enter a regular journal entry.

You can create adjusting journal entries for a variety of reasons:

  • Depreciation or amortisation
  • Reallocating accruals and reversing accruals of prepaid income or expenses
  • Adjusting tax payable for interest, discounts, or penalties
  • Entering bank or credit card fees or interest

You can also mark journal entries as adjusting journal entries. This allows you to easily identify and get reports for adjusting journal entries.

Enter an adjusting journal entry

You'll make adjusting journal entries from your client's QuickBooks Online company file.

  1. Sign in to QuickBooks Online Accountant.
  2. Select the Go to QuickBooks dropdown and select your client's company.
  3. Select + New.
  4. Select Journal entry.
  5. Select the Is Adjusting Journal Entry? checkbox.
  6. Follow the steps to record the journal entry.
  7. Select Save and close.

Review adjusting journal entries

Run an Adjusted Trial Balance Report to review your adjusting journal entries. This report lists all account balances in the general ledger before and after you make adjusting journal entries. It also lists the total adjusting entries.

  1. In QuickBooks Online Accountant, enter Adjusted Trial Balance in the search bar. Or go to the Reports menu and select the Adjusted Trial Balance report.
  2. Select Customise to adjust the report as needed.
  3. Make sure the total debit balances equal the total credit balances.
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