QuickBooks online allows you to correct financial problems and accurate accounting details. In this software, issues are generated occasionally related to the accuracy of business reports such as managing journal entries or financial records. So, you can delete or reverse those incorrect journal entries. This post will teach you how to delete journal entry in QuickBooks Online with a step-by-step guide.
Overview of Journal Entry
You can record all the accounting information and track all financial transactions with journal entries. It also provides an exhaustive audit trail of all the business events and economic activities. The journal entries help you to observe cash flow, business health, and balance or business transactions. You can create, delete, edit, and record journal entries in QuickBooks Desktop/Online.
There are two ways to record journal entries in QuickBooks either in subsidiary ledgers or in General ledgers. If creating and recording journal entries in QB Online is important, deleting journal entries in QuickBooks Online is also a crucial part of it. Now we are going to focus on our topic.
Why Would You Need to Delete Journal Entry in QuickBooks Online?
There are various sections where we need to delete journal entry in QuickBooks Online such as fixing errors, reversing journal entries, and deleting duplicate entries. These types of errors can create incorrect entries that will impact your business or accuracy in financial reports.
Key points to consider while deleting journal Entry in QBO
You have to keep in mind these key points before deleting entries in QuickBooks.
- Delete a Journal Entry: If you create an entry accidentally so, you can delete it permanently.
- Reverse a Journal Entry: It can reverse the debit and credit errors but does not delete the original entry.
How to Delete Journal Entry in QuickBooks Online?
If you make a journal entry by mistake then you can download it. When deleting a journal entry, you must be certain that it is the entry you intend to delete, as the deletion can instantly unbalance your business account. Follow the steps to delete Journal entry in QuickBooks Online.
- First, open QuickBooks Online software and click on the Setting icon.
- After that navigate the menu find the Charts of Account option and choose it.
- You need to find the account containing the journal entry you want to delete.
- To find a journal entry in the account register must click on the account history.
- Locate the journal in the section of the type column.
- Expand the view by choosing a journal entry.
- Now, you have to click on the Delete button.
- Click on Yes for the confirmation.
Reverse a Journal entry in QuickBooks Online
- Begin by launching the QuickBooks Online program and selecting the Settings icon.
- Then proceed to the menu and locate the Charts of Account option.
- You must find the account that holds the journal entry you wish to reverse.
- To locate a journal entry in the account register, must click the account history.
- Find the journal under the category of the Ref. no or column type.
- Expand the view by selecting a journal entry.
- Next, you need to select the Edit button.
- And click on the Reverse option.
- Select Yes to confirm.
Note: After reversing a journal entry, QuickBooks makes a new journal entry. It has information about the changes that you made.
- A newly added journal entry keeps the original journal number and adds the letter R. We reconcile it.
- The new journal entry has a date that follows the original journal entry date by one month.
- It has the same information that is in the original journal entry such as Account Name and description.
Some extra features of QuickBooks Online
Here are some additional features of Quickbooks Online:
Delete multiple entries in QuickBooks Online
Follow the steps to delete multiple entries in QuickBooks Online:
- Open QuickBooks software and navigate the banking menu.
- Choose the account that you want.
- You have to click on the review tab.
- Select all the entries that you want to delete.
- Now, select Exclude selected from the Batch Actions.
- For the next steps, you have to switch the excluded tab.
- Select the transactions again.
- Find the Batch Actions and click it.
- End the process by clicking the Delete option.
How do you delete all transactions (Data purge) in QB Online?
Follow the steps to delete all transactions (Data Purge):
- First, you must log in to your QuickBooks Online Account.
- Adjust the URL to include /purge_company.
- Check the items in the summary report that you want to delete.
- Confirm the deletion by typing YES.
- To complete the process hit on the Wipe Data.
Conclusion
In this blog, we provided all the essential steps for deleting journal entries in QBO. We hope that you got the details on how to delete journal entry in QuickBooks Online. If you still face the problem then you can take help with QuickBooks Support.
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