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9130 3507 5972 7616
Level 1

How to post various entries in QB such as journal entry, receipt entry, payment entry, contra entry etc.

 
1 Comment 1
AileneA
QuickBooks Team

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: 

 

  1. Click + New.
  2. Choose Journal entry
  3. In journal entries, the total of the Debit and Credit columns must be equal.

  4. Select Save and close.  

 

Second, for Receipt entry, Here's how: 

 

  1. Go to the Banking menu.
  2. Choose the Receipts tab.
  3. Select a bill or receipt to see more details. 

Then, you'll review and categorize it like handling a bank transaction. See more information in this article: Capture and categorize expense receipts and bills in QuickBooks Online

 

Third, to record a payment in QuickBooks, Here's how: 

 

  1. Click the + New.
  2. Select Receive Payment.
  3. From the Customer dropdown, select the name of the customer.
  4. From the Payment method dropdown, tap the payment method.
  5. From the Deposit to dropdown, select the account you put the payment into.
  6. In the Outstanding Transactions section, click the checkbox for the invoice your recording payment for.
  7. When you're done, select Save and close. 

 For more detailed steps, please check out this article: Record invoice payments in QuickBooks Online

 

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!