The Transaction Journal Report indicates debits and credits for all transactions and offers you a better view of amounts and accounts that can’t be seen from the transaction itself.
Purpose Of The Transaction Journal Report
- It was created for accountants but it can also be used by anyone who knows the dual-entry accounting. It can be used for calculations, advanced insight or auditing purposes.
- You can use it as a tool to check identify transactions that are out of balance.
- You can assist in checking odd entries for accounts on other reports.
How To Access And Use The Transaction Journal
You can access the Transaction Journal by using multiple ways that depend on the transaction type you are using.
Open the transaction (invoice, sales receipt, etc.) screen open and use any of the following methods:
- Navigate to the transaction toolbar, go to Reports and then click on Transaction Journal.
- From the main menu of QuickBooks, go to Reports and then click on the Transaction Journal.
- For Windows, press the Ctrl + Y
- For Mac, press the Cmd + T
There are some important points that you need to keep in mind while using and reading the transaction journal.
- Accrual only: This report shows as an accrual to display the total amount of every post to the accounts.
- Current form: The Transaction Journal will display the information for the current transaction form, regardless of filter or dates.
- Sort order: The transaction journal is couldn’t get sorted and it will automatically show for entry to the transaction.
- Source & Targets: The line on the top of the Transaction Journal is the source line for all the entries below are targeted.
- Non-posting: Non-posting transaction shows debits and credits related to all the accounts like it they were a posting entry.
- The Cost of Goods Sold and Inventory Asset account on an Invoice occurs for a particular item.
- It is a common function that is usually expected for inventory parts used on an invoice.
- If the multiple asset accounts shows up can be attributed to more than one item along with various asset accounts.
- The Inventory Asset and Cost of Goods Sold accounts shows under the Transaction Journal on a transaction receiving inventory.
- This situation can happen if the item has a negative quantity on hand. This can be because of the QuickBooks creating an adjustment for correcting the losses while inventory was in negative quantity.
- There is an entry for the Cost of Goods Sold on a bill credit for a return cost at less than the average cost.
- This situation can occur because of the QuickBooks is creating entries for tracking the loss on the credit background.
Solution For QuickBooks Issues And Errors
The provided steps should allow you to View The Transaction Journal Report In QuickBooks Desktop easily. As you can see that is not a very complex process and can easily be performed if you have a decent knowledge of QuickBooks. However, if you are facing any kind of issue during the process or you require any kind of help for this process then you can contact us at our toll-free QuickBooks Support Phone Number +1800-567-0425.