I'm here to help enter your bill and expense using journal entries, ca-saiashok.
You're unable to directly convert a bill or expense to a journal entry. These forms have to be entered individually in QuickBooks.
If you've already entered your bills and expenses, you need to delete them. Then, create a journal entry. Doing this will prevent duplicate transactions in your register.
To create a journal entry, here are the steps:
- Click + 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.
To know what accounts to debit and credit, I recommend consulting your account. They can provide specific instructions to ensure your books have accurate records.
You can browse this article for future guide: How to book liability or expense using a journal entry.
Keep me posted if you need anything else about creating journal entries. I'll be around to help you.
