Chapter 22
Ten Common Journal Entries
IN THIS CHAPTER
Finding the ten most common journal entries
Getting instructions for creating journal entries
Discovering the ins and out of debits and credits
Seeing where journal entries are used
Ajournal entry is the most stripped-down way to record a transaction in QuickBooks — debits on the left, credits on the right, plus a short description. Most of the time you’ll rely on forms like Expenses, Checks, or Invoices, which QuickBooks automatically converts into journal entries behind the scenes.
In the spirit of “this meeting could have been an email,” many journal entries could just as easily have been recorded with those other forms. Still, sometimes the Journal Entry screen is the only option.
This chapter lines up ten of the most common entries you’ll see. If you need help with the mechanics, skip to the “Creating Journal Entries” section. If terms like debits,credits, and contra accounts make your eyes glaze over, head to the end, where I translate the jargon into plain English.
Documenting Ten Common Journal Entries
This section ...
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