In this article you will learn how to view the transactional journal report in QuickBooks Desktop. To know more contact QuickBooks Desktop Support.
The Transaction Journal Report help you to get a clear picture about the debits and credits for each transaction and lets you understand amounts and accounts not visible from the transaction itself.
Purpose of the Transaction Journal report
Anyone familiar with dual-entry accounting can use it for calculations, although it was advanced for accountants. It also works for the purpose of insight or auditing.
Using it as a tool, transactions that have gone out of balance can be identified.
It also acts as an assistant for identifying odd entries for accounts on other reports.
How to access and use the Transaction Journal?
In various ways depending on the transaction type, the Transaction Journal can be accessed. One option will always be applicable at the least.
- Use any of the following methods, with the transaction (invoice, sales receipt, etc.) screen open.
- Select Reports from the transaction toolbar and then click on Transaction Journal.
- Click on the QuickBooks Reports menu and then click on the Transaction Journal.
- In case of Windows, press Ctrl+Y on the keyboard.
- In case of Mac, press Cmd+T on the keyboard.
- While using and reading the transaction journal, here are some of the things you need to remember.
For Accrual: To show the total value of each post to the accounts, the report displays as accrual.
For Current form: Regardless of filter or dates, the Transaction Journal only displays information for the current transaction form.
For Customizable: The Transaction Journal can be customized just like any other detail report. You can add or remove columns and filters.
For Sort order: It will automatically display in the order of entry to the transaction if the Transaction Journal report cannot be sorted.
For Source & Targets: Each entry below the source line is the target (The top line of the Transaction Journal is the source line).
For Non-posting: Debits and credits relative to each account as if it were a posting entry will be displayed by non-posting transactions (sales orders, estimates, purchase orders) .
Example of scenarios:
- The Cost of Goods Sold and Inventory Asset accounts appear on an invoice for a specific item.
- For inventory parts used on an invoice, this is an expected functionality.
- With different asset accounts, situations where multiple asset accounts appear can be attributed to multiple items.
- The Inventory Asset and Cost of Goods Sold accounts appear in the Transaction Journal on a transaction receiving inventory.
- A Negative quantity on hand occurs when the item entries occur. When the inventory was in negative quantity, QuickBooks creates an adjustment to correct for losses .
- There is an entry for the Cost of Goods Sold for a return cost at less than the average cost on a Bill Credit.
To track the loss on the background of the credit, QuickBooks create entries.
To know more on how to view the transactional journal report in QuickBooks desktop, call on our QuickBooks desktop support number. You can also write to us at firstname.lastname@example.org . For more information visit – www.quickbooksupport.net.