QuickBooks is a vast software loaded with numerous tools and features. If you want to benefit from QuickBooks then it is important that you learn about the different tools and how you can use them for your benefit. In this blog post, we will discuss Transaction Journal Reports in QuickBooks.
So let us dive right in.
These reports are used for representing the debit and credit transaction history of your business. These details are not visible in the transaction itself. Therefore, you must learn how to use Transaction Journal Reports.
Purpose Of The Transaction Journal Report
A popular myth about Transaction Journal Reports is that they are created for accountants. But it cannot be farther away from the truth. Anyone with a basic understanding of accounts can use these reports for dual-entry accounting, calculations, advanced insight or auditing purposes. Another major benefit of these reports is that you can use them for checking transactions which are shown out of balance. Searching for odd entries becomes incredibly easy and fast.
How To Access And Use The Transaction Journal?
Did you know that you can access transaction journals from multiple ways? Yes, you read that right. You can access them from different avenues based on the transaction type that you are using.
Follow these steps to access transaction journal:
- First of all, you have to open the transaction (invoice, sales receipt, etc.) on your screen.
- Now, head to the transaction toolbar and click on Reports option.
- Choose Transaction Journal.
- If you are on a Windows operating system, press Ctrl+Y keys on your keyboard.
- If you are using Mac OS then press the Cmd+T keys.
Keep these points in your mind while utilizing the transaction journal in your QuickBooks:
- Accrual only: You can use the report to display accrual of the total amount of every post to the accounts.
- Current form: In the transaction journal, you can view the information for the current transaction form irrespective of filter or dates.
- Sort order: It is not possible to sort the journal and it will automatically display entry to the transaction.
- Source and targets: Go to the very top of the transaction journal to check out the source line for all the entries which are targeted.
- Non-posting: In the non-posting transaction screen, you can view the debits and credits associated with all the accounts as a posting entry.
- Assume that in an invoice the Cost of Goods Sold & Inventory Asset accounts are shown for a particular item.
- This is one of the in-built features of QuickBooks for inventory parts used on an invoice.
- In some cases, multiple asset accounts shown can be recognized for multiple items with various asset accounts.
- In the transaction receiving inventory, the Inventory Asset and Cost of Goods Sold accounts are shown in the journal reports.
- It happens when the items which are concerned with the transaction have a negative quantity. QuickBooks does this to create an adjustment for losses when an item was in a negative quantity.
- An entry for the Cost of Goods Sold is appearing on a bill credit where return cost is less than the average cost.
- It happens when QuickBooks makes entries for tracking the loss for credit purposes.
Get QuickBooks Technical Support Services
We hope that you were able to get a deeper insight into the Transaction Journal Report in QuickBooks by reading this blog post. You can try to implement these steps on your QuickBooks and if you get stuck on any step or have any question regarding the process, contact the renowned Intuit certified QuickBooks ProAdvisors of errorsupportnumber.
Get in touch with our QuickBooks Technical Support Team by dialing the 24×7 available QuickBooks Support Phone Number +1888-380-2330.
If you are not in front of your computer or can’t stay over a call for any reason then use the QuickBooks Live Chat support services which are available on our website. To avail the QB live chat support service, go to the bottom-right corner of your screen and click on the chat icon. A form will appear on your screen which you have to fill. Click on the text fields and provide appropriate information. Add screenshots of the issue which you are facing in your QuickBooks if you can because it helps us to resolve the issue faster. Click on the submit button and we will get in touch with you as soon as possible.
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