To better understand this it helps to understand other transaction types that are not journal entries in Quickbooks Online:Ī sales transaction is entered through invoices/receive paymentsĪn expense transaction is entered through expenses/make paymentsĪ bank transaction is entered through the banking tab Without taking you through an accounting seminar, suffice it to say that a journal entry is a way to record a transaction when the transaction is somewhat unspecific, outside of the normal course of operations or in the interest of time and efficiency.
What is a Journal Entry and How to Enter it: Learn everything that every QBO user needs to know, increase your profitability, and take control of your small business finances with QuickStart Your QuickBooks Step by step instructions on how to do everyday tasks such as invoicing, expenses, journal entries, banking and sales tax filingĪ review of the essential reports that every business owner should use to analyze their businessĪccounting terminology and best practices every small business owner should know How to migrate your data from QuickBooks desktop or using journal entries (with detailed explanations)Ī review of each of QBO’s numerous features and detailed instructions on how to customize every aspect of your setup (including Canadian sales taxes (GST/HST/QST)) Over 250 pages of tips, tricks, and actionable steps you can implement immediately.Īn examination of which Canadian version of QBO is best for your needs
*Based on the 2021 version of QuickBooks Online*
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