Are you also trying to edit or delete the transactions (debit or credit) recorded in the journal? Well, creating journals is not rocket science, it can be easily done by anyone either by any random individual or a professional (accountant). It is all about recording the debit and credit transactions that take place in any business within a particular fiscal year. But do you know, you can also edit or delete any entry in case you want to. This article lets us learn how journal entries can be deleted or altered in QuickBooks.
An Overview of What QuickBooks Journal Entries Are
Journal entries refer to the debit and credit transactions in QuickBooks Desktop or online, that take place regularly within a particular financial year in any business. Maintaining journals is one of the important aspects of every business, be it a small or a large
In QuickBooks, entries are automatically recorded to the journal, by using multiple tools, as a result making the process easier.
When are the Journal Entries Used?
Listed below are certain situations where general entries are used: Whenever you are willing to use a traditional method for accounting where debits and credits are mentioned in a journal or a ledger. It can also be done when transactions are done between the expense and income accounts. Additionally, it can also be used for money transfers from any of the equity accounts, any liability
or any asset to the expense or the income account.
How to Delete or Edit Journal Entries in QuickBooks?
Both editing and deletion of journal entries can be easily performed or done as per the requirements.
Editing of the journal entries can be done through the reverse method whereas deleting the journal entries can be easily done, by hiding the selected entries from the whole data. Since these entries will not be permanently deleted, you can easily unhide or re-store those
entries if required.
Below are certain steps for editing or deleting journal entries in QuickBooks.
Steps for editing journal entries in QuickBooks.
- Open the QuickBooks software.
- Go to settings.
- Select the chart of accounts.
- Choose the account for which the journal posting was done.
- Go through the history of the accounts and examine the entries.
- Select the journal entry.
- For altering the entries, tap on the edit tab.
- Click on yes, for permitting the system to proceed further.
This is often done to balance the alterations done prior.
How are Journal Entries Deleted in QuickBooks?
Before the QuickBooks users proceed with deleting entries in QuickBooks they should examine and verify it thoroughly because any wrong deletion of an entry might lead to multiple problems for the business. If by chance any entry is mistakenly recorded, the users are recommended to follow the steps given below.
● Start your QuickBooks software.
● Go to settings.
● Select the chart of accounts.
● Choose the account for which the journal posting was done prior.
● Go through the complete details of the accounts.
● Select the entry.
● For deleting or removing any entry that was mistakenly recorded tap on the delete
● Permit the further processing by clicking on yes and save option.
A new journal entry for managing the books of accounts precisely is created by QuickBooks, once the users are done with the modification or editing of the entry. The creation of new journals helps in balancing the alterations or changes done prior.
Steps for Deleting a Line in Journal Entries in QuickBooks
Often, it might happen that the users mistakenly add or record certain incorrect lines of transaction in the journal. To remove that line from the journal adhere to the steps given below:
● Open the QuickBooks software.
● For further options, select the transactions tab.
● Select the chart of accounts.
● Navigate to the page where the transaction is saved.
● Click on view the register.
● Choose the entry in which you are willing to make changes.
● Select the edit option.
● Select the trash bin option.
● The selected transaction from the journal will be deleted.
How a Journal Entry is Deleted on QuickBooks Desktop and QuickBooks Online?
Deletion of the journal entries in QuickBooks is a trouble free method used for fixing the entries that have been mistakenly recorded.
The users must have the precise and appropriate knowledge to doing so, Let us learn how entries can be deleted in QuickBooks Desktop and QuickBooks online individually.
Steps for Deleting Journal Entries in QuickBooks Desktop
- Firstly, go to the main menu in the QuickBooks Desktop and tap on the journal entry option.
- Create a format for recording the journal entries.
- Go through the journal once and select the journal entry which is to be removed or deleted.
- Enter the entry no. , name, and date of the entry for which you are looking for, in the search option.
- Select the entry displayed on the screen after entering the details.
- After successfully accomplishing all the aforementioned steps tap on the delete tab, for deleting the desired file.
Steps for Deleting Journal Entries in QuickBooks Online
- Go to the main menu of QuickBooks Online.
- Choose a format of journals for recording the entries accordingly.
- Enter the entry no. , name, and date of the selected entry in the search bar.
- Select the entry which is displayed on the screen.
- For deleting the selected entry click on the delete tab.
- Once the aforementioned steps are completed click on save and end.
Steps to Restore the Entries Deleted in QuickBooks Online
Once the journal entries it is not possible to recover them, but users can analyze or examine the details of the deleted entries via the audit log and can restore them manually. The steps to examine the deleted entries of as follows:
● Choose the audit log.
● Hit the filter tab and select All Users.
● Select the date precisely.
● Select the entries deleted from the show box.
● Look for the entry you are willing to restore.
● Click on the latest details and record the essentials.
In case you face any error while playing with the entries, you can use QuickBooks Tool Hub, a versatile tool made by intuit to resolve common QB errors.
By following the aforementioned steps , the QuickBooks users can easily modify and delete the entries in both QuickBooks Desktop and QuickBooks online. Additionally, if any user has mistakenly deleted any entry, it can be easily restored just by going through the instructions provided in the article. If still the users come across any sort or difficulty while modifying or deleting or restoring any entry, they can freely connect with our professionals.