How to post various entries in QB such as journal entry, receipt entry, payment entry, contra entry etc.
Hello, 9130 3507 5972 7616.
Thank you for reaching out to the Community. I can walk you through on how to enter this various entry in QuickBooks Online.
First, the Journal entries are aggregated to the general ledger which is then used to construct financial statements such as loss statements, balance sheets, and cash flow statements. Here's how to do it:
Click + New.
Choose Journal entry.
In journal entries, the total of the Debit and Credit columns must be equal.
Lastly, a contra entry is recorded when the debit and credit affect the same parent account and resulting in a net zero effect to the account. These are transactions that are recorded between cash and bank accounts.
For example, a company withdraws cash from the bank account to meet its daily expenses and this entry is recorded as follows: cash Account is debited while the Bank account is credited.
That's it. Please let me know if you have other questions in mind. Have a good one and stay safe!