How to Use Double-Entry System Accounting with QuickBooks?

by James Antonio

Starting from the very basic, double-entry bookkeeping is considered the idea, in which every transaction will include a minimum of two accounts, if not more. To be more precise, if a business organization takes a loan, the cash account will raise due to the loan amount. However, the liability account will also rise in the particular account category called loans payable. Likewise, if a company buys print ads, the cash account reduces while the expense account that is under the advertising expense account category will rise.

Save Time, Reduce Errors, and Improve Accuracy

Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Desktop. Utilize import, export, and delete services of Dancing Numbers software.

The main intention is to always maintain the balance, to help the double-entry bookkeeping system use the accounting equation. Some people call it financial compliance equation and it looks like =

Liabilities + Owner’s Equity = Assets

With the help of double-entry bookkeeping, it is possible to determine the account balance. It can be done by adding the debits as well as credits with the starting account balance. However, calculating this arithmetic manually is difficult. But thanks to QuickBooks, it can be done easily.

What is a Double-Entry Bookkeeping Accounting System?

In simple terms, double-entry bookkeeping is a typical accounting system where each transaction is registered in two accounts, one is a credit account while the other is a debit account. For instance, if you take a loan of USD 1000, the assets credited will be USD 1000, and the liability undertaken will be USD 1000.

What are Debit Entries and Credit Entries?

Entries that are on the left side of a transaction are debit entries. These entries create a certain impact like a rise in expenditure or assets, reduction in income, liability, or equity.

Entries, however, on the right side of the transaction are called credit side entries. These entries create a certain impact like a reduction in assets or expenses, and additionally of equity, income, or liability.

What are the Applications of the Double-Entry Accounting System?

Here are the applications of the double-entry accounting system in the real world:

  • Getting interested in depositing money into a particular business bank account that would ultimately in debit for all the cash accepted with an associated credit to finance income. It would eventually mean a rise in income.
  • Getting a bank loan would mean debit due to the cash received. This would give rise to a surge in assets, however, the credit will be a bank loan account. This will highlight a rise in liability.
  • Buying an equipment piece with the cash will display credit for the cash and debit for the particular equipment. This ultimately turns up to be a reduction in assets.
  • Disbursing normal shares of your business for cash will give rise to a debit for the cash accepted and will show a rise in assets. Also, there will be particular credit for share capital, showcasing a rise in equity.

Who uses Double-Entry Bookkeeping with QuickBooks?

It is given that public organizations should use the double-entry bookkeeping system as per the stated law. As per government norms, the generally accepted accounting principles (GAAP) public organizations are required to obey all the rules stated by the GAAP.

Add to it, small organizations, who have a team strength of more than one employee and want to apply for a particular loan, must use double-entry bookkeeping. This particular system is considered very precise, to the point, and can monitor the financial situation of a business and its growth rate.

Explain the Importance of Double-Entry Bookkeeping

Very few companies and organizations can do a single entry with bookkeeping. However, double-entry bookkeeping has its own set of benefits.

Here is the list:

Offers a Perfect Financial Status

Small organizations can use double-entry bookkeeping to keep a track of the financial condition of the company and also its growth rate.

Actually, a double-entry bookkeeping system is required for an organization that has more than one employee. Companies that have more than one inventory or have several accounts and debts can also use double-entry bookkeeping.

Aids Organizations to make the Perfect Financial Choices

Double-entry bookkeeping’ financial statements inform the small business about their profitability status, and how financially robust different parts of the business is.

Steps to Create a Double-Entry Bookkeeping Account

With QuickBooks, it is possible to use the double-entry bookkeeping method. Please find below the steps to create a double-entry bookkeeping account:

Step 1: First you need to log in or sign in to QuickBooks. Now, the user needs to navigate to the dashboard area where there are several options to configure the company account.

Step 2: In order to have a parallel account for the purpose of double-entry bookkeeping, the software will recommend the user to name the parallel account. This particular parallel account is called liability account.

Step 3: When the account is created, it becomes necessary to configure the transactions entry. In the foremost entry, it is necessary that money is debited. In the second column, it is important that money is credited.

There are multiple benefits of using a double-entry bookkeeping system with QuickBooks. Among the benefits, the ability to find arithmetic errors and the advantage of having complete financial data that provides valuable financial insights. Add to it, double-entry Bookkeeping in QuickBooks also escalates the data compiling process that is needed to create financial statements like income statements, net worth statements, etc.

If you are highly impressed with double-entry bookkeeping in QuickBooks but lack the confidence to do it all alone, hire an expert.

Our skilled QuickBooks technicians are masters in their trade. They will provide you with the best-in-class QuickBooks assistance to help you use double-entry accounting in QuickBooks.

Accounting Professionals, CPA, Enterprises, Owners

Looking for a professional expert to get the right assistance for your problems? Here, we have a team of professional and experienced team members to fix your technical, functional, data transfer, installation, update, upgrade, or data migrations errors. We are here at Dancing Numbers available to assist you with all your queries. To fix these queries you can get in touch with us via a toll-free number 1800-689-5491 or chat with experts.


Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

Easy Process

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Error Free

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

On-time Support

We provide round the clock technical assistance with an assurance of resolving any issues within minimum turnaround time.

Pricing

img

Importer, Exporter & Deleter

*See our Pricing for up to 3 Company Files

$199/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Unlimited Export
  • Unlimited Import
  • Unlimited Delete

img

Accountant Basic

*See our Pricing for up to 10 Company Files.

$499/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer,Exporter,Deleter
  • Unlimited Users
  • Unlimited Records
  • Upto 10 companies

img

Accountant Pro

*See our Pricing for up to 20 Company Files.

$899/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer, Exporter, Deleter
  • Unlimited Users
  • Unlimited Records
  • Up to 20 companies

img

Accountant Premium

*See our Pricing for up to 50 Company Files.

$1999/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer, Exporter, Deleter
  • Unlimited Users
  • Unlimited Records
  • Up to 50 companies

Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

Get Support

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

Call Now +1-800-689-5491
Dancing Number

Kindly Provide The Following Information To Download The Dancing Numbers.

X





    Top