How To Clear Journal Entries In Quickbooks

Have you posted an incorrect journal entry by mistake and now worried about your incorrect books of account and financial position? Learn how to delete a journal entry in QuickBooks Online.

Delete a Journal Entry in QuickBooks Online

Well, there is no need to be worried, if you are using QuickBooks online as your accounting software. You can correct the journal entry by deleting it permanently or reversing it as per your requirement. You can also go for editing journal entry if you can easily do so without impacting other accounts.

You need to ensure that whenever you post a journal entry you take do it with the help of your business accountant to avoid mistakes. But sometimes, mistakes happen, as we are humans, in that case, you can refer to the sections ahead.

Process steps for Deleting a Journal Entry in QuickBooks Online

If you have posted an incorrect journal entry by mistake, you will have to correct it to make your books of accounts accurate. For this, you have two options, you can either go for deleting the entry altogether, or you can also reverse it to correct the books. Let us first discuss the process of deleting the journal entry in QuickBooks Online:

Deleting a Journal Entry in QuickBooks Online

For permanently deleting a journal entry in QuickBooks Online you can follow the below steps. But before that it is recommended that you check twice that you need to delete the entry as it will impact accounts and financial statement.

Step 1. First of all, you need to open QuickBooks Online and then click on Gear icon i.e., settings.

Step 2. After clicking on settings, click on chart of accounts and locate the account that you created the journal entry for. The journal entry that you wish to delete now.

Step 3. After that, you need to click on Account history and find the same journal entry is the account register. Ensure that the word journal is in the reference column or type column.

Step 4. In this step, you need to select the journal entry to expand the view and click on Delete.

Step 5. After clicking on delete click on Yes to confirm the process.

Now if you do not want to permanently delete a journal entry, you can also go for reversing it. But you need to aware of the fact that QuickBooks will create a new journal entry to balance the accounts. You can follow the below steps to reverse a journal entry in QuickBooks Online:

Step 1. At the initial step, open QuickBooks Online and click on settings (gear icon) and then click on chart of accounts.

Step 2. Now locate the account that you created the journal entry for and go to the Account history.

Step 3. Now in this step as you did for deleting the entry, go to the journal entry in account register and word "journal" should be mentioned in Reference no. or type column.

Step 4. In this penultimate step, click on journal entry to expand its view and click on edit.

Step 5. After clicking on edit, click on reverse and save lastly.

After the QuickBooks create new entry in lieu of reversed entry to balance the account, you should be aware of the below facts regarding the new entry:

The new journal entry created by QuickBooks will have original journal no. and 'R' against the status, which means it is reconciled.
It would be dated the first day of the month following the original journal entry date.
It would be having the same information like account, name, description as it was there in the original journal entry that you reversed.

Now I think when we are well aware of the process of deleting and reversing the journal entry as required. Therefore, we can safely move towards the frequently asked questions by users. These questions and answers will further help you out in understanding various queries that generally comes up around the topic.

Need Some one on one QuickBooks Assistance?

Please can you List Down the Process to Delete Multiple Entries in QuickBooks Online?

Start by opening the QuickBooks Online and go to the banking menu option. Now select the account on which you want to perform the batch delete action, and then click on the tab for review purpose. After that you need to mark the multiple entries/ items that you want to delete and then click on the button batch actions and then click on exclude selected option. Now click on the 'excluded' tab and mark all the transactions once again and click on the batch action button. After that, click on delete to delete the multiple entries in QBO account.

Can you List Down the Steps to Delete all the Transactions in QuickBooks Online?

You can do so by using purge the data option. For this you need to first enter your credentials and log in to your QBO accounts. Now you go ahead and change the URL to include/purge company. Now on the next screen you will find the summary of the items to be deleted. Now you need to type 'Yes' once the data gets deleted and then click on Ok. Now click on 'Wipe data' once the selections are complete. After the deletion of the data is completed, you will be redirected to your home page.

How can I clean up old Transactions in QuickBooks, can you List down the Steps?

First of all, click on introduction, choose the file > utilities and click on condense data command. Now select the transactions before a specific date radio button. After that, specify the remove transactions before date, now click on next when you finish specifying which transactions QuickBooks should remove and specify how transactions should be summarized.

How can we fix Uncleared Transactions in QuickBooks Online?

First of all, open QuickBooks, go to expenses and choose vendors. Now choose the vendor's name and locate the expense transactions. After that change the account information in category under the transaction and click on save and close.

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Exports

Deletes

Customization

Supported Entities/Lists

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Receive Payment

Estimate

Credit Memo/Return Receipt

Sales Receipt

Sales Order

Statement Charge

Vendor Transactions

Bill

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Purchase Order

Item Receipt

Vendor Credit

Banking Transactions

Check

Journal Entry

Deposit

Transfer Funds

Bank Statement

Credit Card Statement

Credit Card Charge

Credit Card Credit

Employee Transaction / List

Time Tracking

Employee Payroll

Wage Items

Others

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Vehicle Mileage

Technical Details

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Frequently Asked Questions

How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.

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How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.

How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.

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Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it's done.

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Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.

Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.

Why should do you change the Employee status instead of deleting them on QuickBooks?

What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

Get Support

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.