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Intuit

Enter adjusting journal entries in QuickBooks Online Accountant

Learn how to create adjusting journal entries and review them in an Adjusted Trial Balance report.

An adjusting journal entry is a journal entry that adjusts an account's total balance. Accountants usually use adjusting journal entries to fix minor errors or record uncategorised transactions.

Note: This feature is only available in QuickBooks Online Accountant. You must be logged in to a client's company file through QuickBooks Online Accountant to use these features. If you're not an accountant, here's how to enter a normal journal entry.

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

  • 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 designate journal entries as adjusting journal entries. This allows you to easily identify and report on these entries.

Make an adjusting journal entry

  1. From the Toolbar, select your client's company from the Go to client's QuickBooks dropdown list.
  2. Select + New.
  3. Select Journal Entry.
  4. Select the Is Adjusting Journal Entry? checkbox.
  5. Follow the steps to create the journal entry.
  6. Select Save and close.

Review the Adjusted Trial Balance report

The Adjusted Trial Balance lists all of the accounts balances contained in the general ledger before adjusting entries are applied. It also lists the total adjusting entries for an accounting period and the account balances after you make the adjustments.

It's is an internal document, not a financial statement. Adjusted Trial Balance reports help you to verify that the total amount of debit balances in the general ledger equals the total amount of credit balances.

  1. Go to Reports.
  2. Enter Adjusted Trial Balance in the Search bar, or browse to the Adjusted Trial Balance report on the Accountant Reports tab.
  3. Select Adjusted Trial Balance from the list of results to open the report.

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