Select Delete 4 Confirm deletion The following list provides the steps for

Select delete 4 confirm deletion the following list

This preview shows page 41 - 45 out of 127 pages.

Select ‘Delete’ 4. Confirm deletion The following list provides the steps for editing accounts that have already been created in QuickBooks Online (Shelton, 2018). 1. From the Chart of Accounts List scroll down to the desired account 2. Click the drop-down arrow next to ‘Run Report’ and select ‘Edit’ 40
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3. A window will open and then changes can be made to the account in ‘Account Name’ and ‘Account Description’ a. Note: Changes should not be made to ‘Category Type’ if previous transactions have been made using that account or it could impact financial statements 4. Click ‘Save and Close’ In QuickBooks Online, after developing the Chart of Accounts, users can then begin recording journal entries. Below are the steps for creating a journal entry (QuickBooks, 2019a). 1. Select the (+) icon and under ‘Other’ click ‘Journal Entry’ 2. Enter the transaction date in the date box a. There is the option to then enter a Journal number 3. Enter any account from the Chart of Accounts into the ‘Accounts’ field on the first distribution line 4. Enter the correct amount of the transaction in either ‘Debits’ or ‘Credits’ a. There is the option to give a description of the transaction which will appear on reports with transaction details 5. Enter a customer, vendor, or employee in the ‘Name’ field (if applicable) 6. Keep entering lines until debits and credits are equal a. There is the option to set a recurring journal schedule by selecting ‘Make recurring’ 7. Select ‘Save’ 41
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In case of errors made, QuickBooks users can easily reverse or delete journal entries (QuickBooks, 2019b). To Reverse : 1. Select the gear icon from the Toolbar 2. Select ‘Chart of Accounts’ under ‘Your Company’ 3. Select desired account for the transaction 4. In the ‘Action’ column select ‘View Register’/’Account History’ 5. Click on the journal entry and click ‘Edit’ 6. Click ‘Reverse’ in the transaction window 7. Click ‘Save and Close’ or ‘Save and New’ To Delete : 1. Complete steps 1-4 from above 2. Click the journal entry and select ‘Delete’ 3. Click ‘Yes’ to confirm the deletion Video tutorials for all of the above steps can be found on the QuickBooks website in the ‘Help Articles’ section. Recommendations The consulting team recommends that Classic Gentleman begin organized journaling of all the above transactions within the company for a better understanding of the business’ current status. The most appropriate option would be for the company to use QuickBooks Online Plus – as was recommended in a previous section – as opposed to the Excel templates as it will require less accounting expertise from the business owners. QuickBooks will also help reduce the chance of error made in recording transactions. The chart of accounts should be updated by the client 42
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each time they add a new account to their business and journal entries should be made in a timely manner.
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  • Spring '17
  • Trisha Miller
  • Accounting software, Comparison of accounting software, Classic Gentleman

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