QuickBooks General Ledger Basic

QuickBooks specific report by the name of General Ledger records details regarding all the transactions posted under different accounts along with debit and credit information of all the transactions. In order to verify that the debit and credit both balances, user can view the Trial Balance.

To keep a check on financial data of the company while also completing other imperative tasks related to accounting, QuickBooks software is one of the best option available. The software is adept in automatically calculating the end result while systematically organisation the data within the software ensuring all information is accessible under one platform itself.

QuickBooks General Ledger Basic:

The software helps to keep a record of each transaction while also providing separate journals as per the account the transaction is related to.

The main three journals generally used are:

1. Payroll:

This journal basically constitutes of each and every compensation of the employee along with his payroll taxes as well as the checks written in his name.

2. Accounts Payable:

Day to day transactions of purchases and invoices made under the name of the company that they need to pay for recorded here.

3. Accounts Receivable:

Day to day transactions of sales and receipts made for the company yet to be paid by the customer are recorded here.

General Ledger Reports:

This report called General Ledger Report offers a concise view over all the transactions taken place for the particular month.

On the top summary displays the the total for every account along with transaction report and exceptions as well.

The report is all that the user requires to verify and keep track of all the transactions that has taken place for a particular time specified.

How To Generate QuickBooks Journal Entry?

User can generate the general journal entries under QuickBooks by following the steps below:Go to the main menu of the Software and from the menu bar click on the option called ‘Make General Journal Entries’.

Next step is to make appropriate changes within the Date Field in the new screen labeled Make General Journal Entries.

  • Under the field called Entry No. type in the number of journal entries that need to be made.
  • Next type in all the details regarding the Journal Entry
  • Enter any number of journal entries in the Entry No. field as per following steps:
  • Select the very first account in the specified transaction.
  • Type in the amount specified for debit or credit for the specified account.
  • Generate a comment providing description of the transaction mentioned above.
  • Next click on the customer, vendor, employee, anyone related to the particular transaction.
  • Assign a class to the amount.
  • Again repeat the steps listed above in order to enter in the distribution lines till the time transaction reaches the 0 balance
  • Click on the tab labeled Save & Close button to save the journal entry and then close the window.
Need Professional Help?

The above listed steps ensure that the user can generate the general ledger records without much fuss. However for any issue in following the steps QuickBooks expert team can be approached. Furthermore, in case there is any issue in connecting with the QuickBooks Support team, user can approach us on our Toll free number of QuickBooks error support 📞+ or access live QuickBooks chat support option through our website.

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