Welcome to the Community, DrEH. If you are using QuickBooks Online Accountant (QBOA), there is a specific feature designed to adjust entries. However, if you are using QuickBooks Online (QBO), you can make these adjustments through the normal journal entry function. Let me elaborate more below.
If you are using QBOA, you have access to a feature specifically designed for adjusting entries. Follow these steps:
- Sign in to QuickBooks Online Accountant.
- Select the Go to QuickBooks dropdown and select your client's company.
- Select + New.
- Select Journal entry.
- Select the Is Adjusting Journal Entry? checkbox.
- Follow the steps to record the journal entry.
- Select Save and Close.
On the other hand, if you are using QuickBooks Online (QBO), the platform doesn’t have a specific Is Adjusting Journal Entry? checkbox, but you can access the standard journal entry functionality:
- Select + New.
- Select Journal entry.
- On the first line, select an account from the Account field. Depending on if you need to debit or credit the account, enter the amount in the correct column.
- On the next line, select the other account you're moving money to or from. Depending on if you entered a debit or credit on the first line, enter the same amount in the opposite column.
- Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
- Enter information in the memo section so you know why you made the journal entry.
- Select Save and new or Save and close.
Whichever version you are using, making sure your adjustments are accurately recorded is crucial for maintaining accurate financial statements.
Furthermore, you can refer to this article if you need to reverse a journal entry to swap the debits and credits, or delete it entirely: Reverse or delete a journal entry in QuickBooks Online.
I'm also pleased to inform you that you can elevate your financial management with the help of our QuickBooks Live Expert Assisted team. They specialize in helping you transform your financial management and provide personalized advice for your business's specific demands.
Should you need further clarification or assistance, feel free to reach out through the thread. We're here to help ensure your records are accurate and up-to-date.
