Hey! Here is a good update for every Quickbooks user and i.e ‘Now you can manage your accounting section and can maintain all the account details in Quickbooks software more easily, and all the things can be possible with the help of Quickbooks General Ledger’. Here this is the blog about QB general ledger, and its uses (preparation & print). So let’s know something about Quickbooks general ledger.
What is Quickbooks General Ledger
Quickbooks general ledger is used to maintain a record of all the old and new financial details including the financial expenses, calculating of income, totaling the expenses, and etc. for your business. It uses the double-entry accounting method to do all these activities. Invoice, credit memo, sales receipt, expense, cash expenses, bill, journal entry, inventory, deposits, and etc are included in the Quickbooks General Ledger. And it is categorized into 6 types and they are asset, liability, non-operating expenses, and losses, non-operating revenue, and gains investment, revenue, and expenses.
Using procedures of Quickbooks General Ledger
How to run General ledger report in Quickbooks
- In Quickbooks go to the navigation panel and click on the ‘Reports’ tab from the left side of the panel
- Then click on the ‘All’ option and again move to the bottom of the screen to choose the ‘For My Accountant’ option.
- In the ‘For My accountant’ section click on the ‘General Ledger’ option neer of the ‘Balance Sheet’ option and ‘Journal’ option.
- Now choose the date range and ‘Cash or Accrual’.
- And at the last click on the ‘Run Report’ option to create the report.
Printing procedure of QB general ledger:
- Login to your Quickbooks software and go to the Print report option.
- Click on it and then select the ‘Transaction Reports’.
- Now you can see the option of General Ledger, just click on it.
- Then enter a month and year, and leave the account range fields blank.
- Now enter the beginning and ending number of accounts, if you want to print for an account range.
- Enter data perfectly without making any mistakes.
- And remember that, if any transaction entered in a particular month, then it will be included in the report, and it is very important for all accountants those who are entering quarterly balances for the situation.
- After that, check it in the preview screen, before printing it.
- Lastly, click on the ‘Print’ option and start printing.
Method to prepare Quickbooks journal entry:
- At first, you have to log into your Quickbooks accounting software for the Quickbooks company menu.
- Here you can see an option of ‘Make general journal entries’ window, go into it and change the Data field.
- After that in the ‘Entry No. field’ type any number of journal entries.
- Now fill out the details of journal entry. Follow the below steps to fill out it:
- In the transaction field, select the first account, and make sure that the first account is general journal transaction or account receivable, accounts payable.
- Now in the ‘Debit or Credit’ columns enter the debit or credit amount.
- Create a short description or a memo of the transaction, this memo will display in the report having journal entry.
- Choose the Vendor/Supplier, Employee, Customer, those which are associated with the transaction.
- Now insert a class to the amount.
- Repeat the steps for entering the distribution lines until the transaction reaches zero amount.
- At the last click, the ‘Save & Close’ option to save the journal entry and to close the window or you can click on the ‘Save & new’ option to open a new window after saving the journal entry.
Really, QB general ledger is a very important plan for every Quickbooks user. At last, we just want to say that, it will be very helpful for you. We hope, this blog will help you to collect some knowledge to maintain your accounting in a better way. Further, if you are facing any kind of problem in this article then you can comment us in the below section.