How To Print Journal Entries in QuickBooks Online - A Beginner's Guide

QuickBooks Online is one of the most widely used accounting software programs for small and medium-sized businesses. Among its many features, journal entries play a crucial role in recording financial transactions that do not involve invoices, bills, or checks. Understanding how to create, manage, and print journal entries is essential for maintaining accurate records. This beginner’s guide will walk you through the steps to print journal entries in QuickBooks Online, along with some helpful tips for efficient bookkeeping.Whether you are a small business owner or an accountant, knowing How to Print Journal Entries in QuickBooks Online will enhance your financial management efficiency.

What is a Journal Entry in QuickBooks Online?

QuickBooks Online (QBO) is a popular cloud-based accounting software designed to help businesses manage their financial transactions efficiently. One of the core functions of QuickBooks Online is journal entries, which are essential for recording financial transactions that may not be captured through standard forms like invoices, bills, or expense reports.

A journal entry in QuickBooks Online is a manual transaction that affects multiple accounts in the general ledger. This accounting record follows the double-entry bookkeeping system, meaning every transaction includes at least two accounts: one debited and the other credited.

Understanding Journal Entries in QuickBooks Online

Purpose of Journal Entries

Journal entries in QuickBooks Online are used for several key reasons:

Adjusting Entries: To correct errors in the books or update balances, such as depreciation or prepaid expenses.

Recording Non-Cash Transactions: Such as accrued expenses or deferred revenues.

Inter-Company Transactions: Moving funds between accounts when transferring assets or liabilities.

Payroll Adjustments: Allocating payroll expenses manually if payroll is processed outside QuickBooks.

Equity Transactions: Recording capital contributions or owner withdrawals.

Components of a Journal Entry

A journal entry typically includes the following elements:

Date: The date of the transaction.

Account Names: The accounts impacted by the entry.

Debits and Credits: The amount recorded in each account.

Description or Memo: A note explaining the purpose of the journal entry.

Reference Number (Optional): Used for tracking purposes.

QuickBooks Online ensures that journal entries remain balanced, meaning that total debits must always equal total credits.

Common Use Cases for Journal Entries in QuickBooks Online

1. Adjusting Entries

Adjusting entries are necessary to correct errors or align accounts with accrual accounting principles.

Example:

Adjusting Prepaid Rent: If a business pays $12,000 in advance for a 12-month lease, an adjusting entry is made each month:

Debit: Rent Expense $1,000

Credit: Prepaid Rent $1,000

2. Accrued Expenses

Businesses may need to recognize expenses incurred but not yet paid.

Example:

Recording Wages Payable: If wages of $5,000 are owed but unpaid at the end of the month:

Debit: Wages Expense $5,000

Credit: Wages Payable $5,000

3. Depreciation Expense

Depreciation spreads the cost of an asset over its useful life.

Example:

Recording Monthly Depreciation: If equipment worth $10,000 depreciates at $200 per month:

Debit: Depreciation Expense $200

Credit: Accumulated Depreciation $200

4. Loan Payments

A journal entry helps record loan payments if QuickBooks does not automate them.

Example:

Recording Loan Payment: If $2,000 is paid towards a loan, consisting of $1,500 principal and $500 interest:

Debit: Loan Payable $1,500

Debit: Interest Expense $500

Credit: Cash $2,000

5. Owner’s Capital and Drawings

Businesses track capital contributions and withdrawals using journal entries.

Example:

Owner Contribution: If the owner invests $10,000 in the business:

Debit: Cash $10,000

Credit: Owner’s Capital $10,000

6. Transferring Funds Between Accounts

A journal entry records internal fund transfers that do not involve a third party.

Example:

Transferring Funds: If $5,000 is moved from a savings account to a checking account:

Debit: Checking Account $5,000

Credit: Savings Account $5,000

Why Print Journal Entries in QuickBooks Online?

Printing journal entries can be useful for several reasons, including:

Record-keeping: Ensuring that you have hard copies or PDFs for auditing and compliance.

Verification: Cross-checking with financial statements and reports.

Sharing Information: Providing details to accountants, auditors, or financial advisors.

Step-by-Step Guide to Printing Journal Entries in QuickBooks Online

Step 1: Log in to QuickBooks Online

Open your browser and go to QuickBooks Online.

Enter your login credentials and sign in.

Step 2: Navigate to the Journal Entry Section

Click on the + New button in the left-hand menu.

Under the Other section, select Journal Entry.

Here, you can either create a new journal entry or search for existing ones.

Step 3: Find the Journal Entry You Want to Print

Go to the Reports menu on the left-hand side.

Use the search bar to find the Journal Report.

Filter the date range to locate the specific journal entry you need.

Click on the journal entry to review the details.

Step 4: Customize the Report (Optional)

Once inside the Journal Report, click on the Customize button.

Modify the date range, columns, or specific accounts as needed.

Click on Run Report to apply the changes.

Step 5: Print the Journal Entry

Click on the Print icon located at the top right of the report.

Choose your printing preferences (paper size, layout, etc.).

Click Print to generate a hard copy.

Alternatively, select Save as PDF if you prefer a digital copy.

Tips for Managing Journal Entries in QuickBooks Online

1. Use Descriptive Memos

Always add a clear description to each journal entry to make future reference easier.

2. Review Before Printing

Double-check all debits and credits to ensure accuracy.

3. Export Reports for Backup

Save journal entries as PDFs or export them to Excel for additional record-keeping.

4. Set Up User Permissions

If multiple users manage QuickBooks Online, restrict journal entry access to authorized personnel.

5. Utilize QuickBooks Online Training

To master journal entries and other features, consider taking QuickBooks Online Training courses.

(FAQs)

Can I edit a journal entry before printing in QuickBooks Online?

Yes, you can edit a journal entry by navigating to the journal report, selecting the entry, making necessary changes, and saving it before printing.

How do I reprint an old journal entry in QuickBooks Online?

Go to the Reports menu, search for the Journal Report, filter the date range, locate the journal entry, and click the print option.

Is it possible to print multiple journal entries at once?

Yes, you can customize the journal report to display multiple journal entries, then print the entire report at once.

Conclusion

Printing journal entries in QuickBooks Online is a straightforward process that ensures accurate record-keeping and easy financial tracking. By following the steps outlined in this guide, you can efficiently print, save, and manage your journal entries. Additionally, taking QuickBooks Online Training can help you master more advanced features and improve your bookkeeping skills. Whether you are a small business owner or an accountant, knowing how to print journal entries in QuickBooks Online will enhance your financial management efficiency.