How to Import Journal Entries into QuickBooks Desktop?

Journal acts as a book for recording financial records of an organization. Journal Entries represent a summary of the credits […]

Journal acts as a book for recording financial records of an organization. Journal Entries represent a summary of the credits and debits of transactions. These are directly posted in the general ledger accounts associated with QuickBooks Desktop. Let’s understand in this article how to import journal entries into QuickBooks Desktop.

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How to Import Journal Entries in QuickBooks?

You can easily import the journal entries in the company file of QuickBooks through an import function. Here you will get information on the import through Excel file or CSV. It is recommended to turn off account numbers for an effortless process before starting the process of importing. You can enable account numbers after the process completion.

Import Journal Entries in QuickBooks

Below-Mentioned is the Steps to Import Journal Entries in QuickBooks:

Step 1: Prepare the Spreadsheet:

  • Ensure there is the correct format of the spreadsheet; check all the fields before importing the journal entries.
  • To get a proper format of a spreadsheet, here are the things you need to do:
    • Enter the mandatory columns like journal No, Account Name, Journal Date, Debits, and Credits. Don’t forget to select the date format
    • In case the spreadsheet contains new accounts, then make sure you have added them in the chart of accounts. If not, then follow the instructions:

Add accounts in Chart of Accounts:

  • Open QuickBooks
  • Locate Settings and then click on Chart of Accounts option
  • Choose the New button to create a new account
  • Discover the drop-down button named Account Type to select an account type
  • Search for a dropdown option which says detail type to choose the detail type that suits the type of transaction you need to track
  • Add a name to the new account
  • Write a description
  • For sub-account, you have to click on Is sub-account option and then choose the parent account
  • Select when you need to begin finance tracking
  • Locate field named Unpaid Balance and fill the amount, and select as of date.
  • Write today’s date if you want to begin tracking instantly
  • Click Save and close.

Adding an Account while Recording any Transaction:

  • If you have initiated online banking with the associated account, then you only need to approve the work. QuickBooks automatically categorize the bank & credit card transactions and also download them.

Step 2: Begin Importing the Journal Entries:

  • Locate Settings, and then choose Import Data
  • Click Journal Entries
  • Discover download page, then Browse
  • If you require help while formatting the journal entries, then click Download a sample file
  • Discover and choose your CSV or Excel file, choose Open
  • Click Next option
  • Map the information; each field illustrate the headers on the spreadsheet
  • Locate small arrow icon, choose the one matching the field in QuickBooks
  • Hit on Next button
  • If any error found then do the modification and later try again
  • Click Start import
  • Hit on Done

A Detailed Description of Fields on a Journal Entry:

QuickBooks Field

Format

Description

Txn Date

Date

Journal Date

Is Adjustment

Value:true or false

It describes the journal adjustments,shows whether it is past entered journal

Ref Number

Str 11

It is a mandatory field as it represents the reference number associated with a journal entry,and about the group rows

Is Amounts in Home Currency

true or false form

It tells whether using home or any foreign currency

Is Home Currency Adjustment

true or false

Foreign or home currency

Exchange Rate

 float

Rate of Exchange

Credit

 amt

It is a Mandatory field, and the credit amount must be positive(AU without tax)

Currency Ref

 Str 64

Used currency name matching QuickBooks not covering AU

Debit

amt

It is a mandatory field, and the amount of Debit should not be negative (AU not involving tax

Full Name of Account

 str 159

It is a compulsory field that displays the General Ledger Account as in QuickBooks, ensure that there is a full name, you can also utilize another account number

Class

 str 159

It is used to monitor journal entries

Memo

 str 4095

It displays about journal line

Item Sales Tax Ref

 str 31

This sale tax code is applicable on QuickBooks UK,CA, and AU transactions

Entry Ref

Str 209

It displays the name of a client with Billable status

Billable Status

enum

There appears the billing status of the line, including Billable, Has been billed or NotBilled. If found billed then including of Entity Ref is must

Hopefully, the above information becomes the helping hand to know how to import Journal Entries into QuickBooks Desktop. Stay tuned with this website to get every relevant information on importing information.

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Which statement about journal entries in QuickBooks Online is true?
1. Journal Entry can’t be used to account for the decline of assets.
2. The accountant can not create an Adjusting Journal Entry
3. The client can’t create an Adjusting Journal Entry

The statement “The client can’t create an Adjusting Journal Entry” is true.
As in QuickBooks Online clients can’t create an adjusting journal entry because it doesn’t make any sense to collect or pay cash to one another when doing this internal entry.

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