Bank Reconciliation Journal Entries
Journal entries in Bank Reconciliation performs its task as quick reference and then encounter the common setup situations when deals with double entry posting that relates to bank reconciliation statement. In each case, the journal entries through bank reconciliation shows credit and debit card account altogether brief narrative. Various companies use cash transaction in checking account. The company deposits bank receipts in the form of transactions. Don’t forget that for a company, bank account is an asset but for the bank, it is just a liability.
Journal entry refers to an accounting transaction entered by the person directly into the general ledger.The general ledger of the company is like the major group of accounts used to document the balance sheet and income statement transactions.
How to Create Journal Entries in QuickBooks
Journal entries can be created within QuickBooks by following these instructional steps mentioned below:
- Move to the Company File -> Create General Journal Entries going to the screen top menu.
- Alter the Date field, in case it is important by going to the Create General Journal Entries Window. QuickBooks will accept the current date by default so in case you need to enter the the prior month or year ensure that it is changed to get the entry recorded in the right financial period.
- Type the journal entry number in the “Entry No.” field. QuickBooks program carries out automatic numbering of subsequent journal entries in a right sequence.
- Mention the general ledger account number by going to the account column. You can also choose the first account going to the drop-down menu in the account column.
- Enter the debit or credit amount for the chosen account into the Debit or Credit columns. Both the columns must be equal to create balanced entry and permit QuickBooks program to post the entry.
- Go to the Memo column and mention the descriptive memo. It will be shown on the reports comprising the journal entry. The step is optional, but it is suggested that you need to know the reason for making the entry.
- You will have to redo the steps: 4 & 6 till the entries balance each other completely and the transaction reaches a zero balance. The debit column total should equal to the credit column total and the journal entry will rightly balanced.
- Click Save & Close to save the journal entry
- Close the window and open a new window.
Know How to Reconcile Books in easy way .
The general journal entries can be created within QuickBooks by the steps suggested above. For any query or more detailed information you can connect with ReConcileBooks. This is a reputed QuickBooks support company that hires dedicated support professionals and acquire quick feasible support. Call to the toll free phone number +1844-640-1481 and acquire instant support.