Chapter 22
Ten Common Journal Entries
IN THIS CHAPTER
Adjusting asset and liability accounts
Recording recurring fees, petty cash expenditures, and payroll
Recording and applying prepaid expenses
Allowing for and writing off bad debt
Posting depreciation
QuickBooks goes to great lengths to shield users from as much accounting as possible, but in this chapter you roll up your sleeves and do some old-school accounting in the form of journal entries. The good news is that journal entries are typically a tiny percentage of the transactions you enter into QuickBooks — if you even have to do it at all. I start by showing you how to get to the journal entry screen and record a journal entry in general terms. Then you work through ten common journal entries.
You may be surprised to learn that behind the scenes every transaction you input into QuickBooks is transformed into a journal entry. ...
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