What is a Journal Entry?
A journal entry is basically a first step in the accounting world. Without having knowledge about journal entries, you will be able to do accounting. In the basic classes of accounting, you will be taught about creating journal entries. Journal entries are the records of the transaction that is made by the company. In QuickBooks, you are required to record transactions in the form of journal entries.
It is important to make journal entries because the journal entries are the core foundations of all other financial reports of the company. The journal entries are further posted into the general ledger, from general ledger to trial balance, and from trial balance to balance sheet. But it is also important to Delete Journal Entry in QuickBooks that are created mistakenly or incorrectly.
Reversing the Journal Entry in QuickBooks
Sometimes, you may not need to delete the journal entry, if there is a minor error, you can simply reverse it. Follow the given below steps to reverse the journal entry:
- Log-in your QuickBooks Online account.
- Go to the ‘Gear’ icon.
- Move to the ‘Settings’ menu.
- Choose the ‘Charts of the Accounts’ tab.
- Choose a suitable account for the transactions.
- Under the ‘Action’ column.
- Select the ‘View Register’ option.
- After that, click on the journal entry you are required to reverse.
- Choose the ‘Edit’ option.
- Click on the ‘Reverse’ window.
- Click on the ‘Save and Close’ button.
Deleting the Journal Entry in QuickBooks
Given below are the steps to successfully delete the journal entry in QuickBooks:
- In your QuickBooks Online account, go to the ‘Gear’ icon.
- Choose the ‘Settings’ option.
- Go to the ‘Charts of Accounts’ and search for the journal entry you want to delete.
- Under the ‘Action’ column, select the ‘View Register’ tab.
- Select the journal entry that you want to delete.
- Choose the ‘Delete’ option.
- However, you will not be able to delete multiple journal entries at once.
- You will get a confirmation message on your screen asking if you really want to delete.
- Click on the ‘Yes’ option.
- After that, click on the ‘Save and Close’ option.
The above article is based on the information regarding How To Delete Journal Entry in QuickBooks. You can reach out to the QuickBooks Error Support experts if you want to clarify your doubts or want any professional guidance. Contact on this 24/ 7 available number: +1- 877- 349- 3776.
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