A journal entry in QuickBooks is an accounting medium through which every business transaction is recorded in an understandable manner. You should have the basic knowledge to understand the entries that are recorded in the journal entry. Journal entry is an easy way to track the transactions and keep a record of each and every operational transaction in business. This article provides you information How to Delete Journal Entry in QuickBooks.
Every business maintains a journal entry as it provides the information without much hassle. But somehow, a journal entry has been created or you mistakenly added and now, you need to delete/remove it. You need to follow the steps and caution of removing or deleting a journal entry from QuickBooks.
Steps to Delete Journal Entry in QuickBooks Online
- Go to Settings.
- Move to the Chart of Accounts.
- Select the significant account for the transaction.
- Choose Account history from the Action Column.
- Select the journal entry you want to delete and click ‘Delete’.
- Select ‘Yes’ for the confirmation of the deletion.
Steps to Delete a Journal Entry in QuickBooks Desktop?
- Proceed to the ‘Company’ menu.
- Then, choose ‘Make General Journal Entries’.
- Proceed to the ‘Main’ menu.
- Click on the Left arrow of the top-left corner of the Make General Journal Entries window. It will help you to navigate the General Journal Entry that needs to be deleted.
- If you already have the General Journal Entry number, click on ‘Find’, and enter the General Journal Entry number in the Entry Number field.
- Click Save and close the application.
Steps to Delete a Line in a Journal Entry in QuickBooks?
To delete a line in a QuickBooks journal entry:
- Press and hold the key ‘Ctrl+Delete’.
- Choose the entry that you want to remove/delete.
You need to remember that the deletion of a journal entry can lead to miscalculation of the entire financial accounts of that list. This results in an imbalance of accounts. However, reversing an entry have the same effect but without causing any error in balancing of accounts. Additionally, reversing a journal entry will keep a record in the form of a paper trail for clearing any doubts that arise in the future.
For reversing a journal entry:
- Open a journal entry.
- Press the “Reverse” button that is located at the top of the entry window.
- Save and close.
If you are unable to delete a particular journal entry, you can try to hide them. For hiding an entry:
- Open the list and double-click on the entry you want to remove/hide.
- From the next window that displays on the screen, Mark checks the box against “X Is Inactive” instead of “X” in the name of the list.
- Click ‘Ok’ to save the changes.
Hopefully, the above-given information is useful for you to get rid of this problem. But if you are still facing any issues with your software and need professional assistance, regarding accounting, bookkeeping & accounting software-related issues then feel free to get in touch with Certified Experts at +1-860-325-4922. The USA-based ProAdvisors will provide all sorts of assistance related to the software 24/7.