 QuickBooks Desktop 2023. Journal Report. Let's do it with Intuit's QuickBooks Desktop 2023. Support Accounting Instruction by clicking the link below, giving you a free month membership to all of the content on our website, broken out by category, further broken out by course. Each course then organized in a logical, reasonable fashion, making it much more easy to find what you need than can be done on a YouTube page. We also include added resources such as Excel practice problems, PDF files and more like QuickBooks backup files when applicable. So once again, click the link below for a free month membership to our website and all the content on it. Here we are in QuickBooks Desktop Sample Rock Castle Construction Practice file provided by QuickBooks going through the setup process we do every time. Maximizing the home page to the gray area. View drop down. We've got the hide icon bar. Open windows list checked off. Open windows on the left hand side. Reports drop down going down to the company and financial P&L profit and loss with the range change from 01.01.24 to 12.31.24 January to December 2024. Customize it with the fonts. The numbers changing the font to 12. OK. Yes. OK. Let's hit the drop down again one more time on the reports company and financial. This time we're looking at the big balance sheet. We're going to change the range by going to the drop down and this fiscal year this time. Then customizing. We're going to go to the fonts and numbers custom or change 12. Yes. OK. Yes. OK. So there's the process we do every time. These being the major two financial statement reports balance sheet income statement all other reports pretty much are going to give more information about one line item or multiple line items on the balance sheet and the income statement. Last time we looked at a transaction detailed by date which is kind of similar if you double click on say the checking account for example we got a transactions by account meaning these are all the transactions that are listed by date but only for the account of cash. Last time we ran a report that's going to give us all the transactions in order by by date not just for the checking account but for all accounts. This report here is similar to like a general ledger type of report giving us the detail for this particular account a general ledger report giving us the detail basically for for all the accounts giving us that detail. So let's close this back out. I'm going to close this back out this time. We're going to do a similar report that we did last time but the journal reports going to give us even more detail. It's a really nice report. We can get there by going to the reports drop down accounting and taxes. We can go down to the journal report this way or we can go back up top to the report center. Maximize it to the gray area. It's giving me that weird thing maximizing it. We're going to go down here. It's under the accounting and taxes. Now this one you can clearly think will be down here because anything that has basically debits and credits on it will be down here. But if you even if you're not familiar with debits and credits it could still be a great report. So notice if we go down here we got the journal report. Let's run that report. So there we have it. I'm going to change the date from 010124 to 123124. There it is. Let's do some customized. Let's see if we can make it a little bit larger on the fonts as we've been doing with the others but not too large like 11 maybe. Okay. Yes please and okay. So I'm going to make these items a little bit larger by expanding the columns and see if this will work. Well this work. Can I see it working. I'm going to see it work. Here we go. So there we have it. So now we've got all the information out the title up here can be a little bit misleading because you might think well it's a journal that means it's only going to give us those things that we entered as a journal entry. In other words we could enter transactions when we enter data into the system. If we go to the home page we typically will enter normal daily transactions by using a form like a bill form a pay bill form an invoice form and so on and so forth. These forms will have an impact on at least two accounts that will be impacting the creation of the major product we're making financial statements balance sheet and the income statement. But we might sometimes enter transactions with a journal form the journal form is what is used when we don't have any other form to use. So for example we could go to the company drop down and we could say we're going to make a journal entry. And so this is a journal entry type of form. And what we want to do typically is use the other forms whenever we can because they might have more purposes and uses than just hitting the particular accounts to create the financial statements such as linking a bill to a pay bill for example type of form. And then when we have other transactions usually those that aren't in the normal process we use basically a journal entry. We'll talk more about those later but we're not this report isn't just referring to any journal entries it's referring to the transactions in the form of a journal entry using debits and credits for any form that has an impact on the financial statement representing a financial transaction. So basically everything we enter in essence will be in the journal form. It'll look like the transaction detail report and that it gives the type which in this case bill bill invoice bill invoice and so on so all of those different transaction types are in place. But instead of just giving us one line per transaction as we saw with the transaction detail that one line working well if we only have two accounts impacted this report gives us the full journal entry which means it's showing us all the accounts that are going to be impacted. So most accounts or most transactions they might only have two accounts impacted but if we want to see the more detail we can use a report like this. So that's a great tool the uses for this report then would be like with the transaction detail you can you can basically possibly bill using this kind of report. Because the transaction detail you might set up a billing system for example where you charge people by the number of transactions instead of by your time. If I have so many transactions per month I'm going to charge you this much if you're between this and this amount of transactions I charge you by this much. You might then say well some transactions are more complicated than others so maybe you run like a journal report and you say I'm going to charge you by the number of accounts that are impacted or something like that. And obviously you'd have to have a different rate for the number of accounts that are impacted but by doing that you can then you can then account for the fact that you're entering transactions that are more complex within your billing system. Things like payroll for example are going to be much more complex of a transactions than than many other transactions. Let's see if we can find a payroll item down here. So here's some pretty complex invoice transactions and this is because this is a job cost system it also will help you if you're dealing with like companies that do have complex invoices. Like they're tracking inventory or they're tracking a job cost system versus companies that their invoices are pretty straightforward or possibly they don't even have invoices. Possibly you're entering it into the system on a cash based type of system which you would think would be a bit easier generally. So I finally found a paycheck here so here's a paycheck kind of transaction and this one is clearly going to be a lot more accounts impacted because of the withholdings. So with paychecks if you're trying to set up a billing system you might try to charge them separately and some have some separate component if they want you to do the payroll. Or you might try to use a system like this and try to combine the payroll into just the number of transactions you're entering. So that's one option you might have. This is also a great report when you're comparing or supervising someone so it gives you the list of transactions that they have entered. But it also gives you this more detail about that list to see how complex the transactions are that have been entered. It's great for a teaching standpoint because when we're working the practice problem for example we can we can then compare the balance sheet that we come up with. The income statement we come up with if you have differences you can look at a report like this and give us get see some more detail. So we won't use this report as much because we'll look at the transaction detail but this one gives you even more information. Also it's a great report to try to review what is happening from a debits and credits standpoint in terms of the building blocks of debits and credits. Because remember QuickBooks is kind of designed if you go to the home page to set up transactions so that you could do the data input forms without having to know exactly how they impact the financial statements and the debits and credits behind them. These forms are the things that are driving the double entry accounting system having debits and credits impact in the financial statements. Well we've been using and we can think about these forms and then look at the increases and decreases to the balance sheet and income statement for example. But then we're typically thinking in terms of increases and decreases. It's useful sometimes to use the debits and credits because the debits and credits are actually more efficient than increases and decreases when you use the double entry accounting system. That's why they're there. That's why they have them. So if you want to try to get a handle on the debits and credits that are being impacted and then try to try that into the increases and decreases the impact on the accounting equation. Then this is a great report. You can go into each transaction that has been entered. You could try to figure out what are the debits and credits and what are the increases and decreases into the account. You can then jump over to the balance sheet and the income statement or trial balance. Go into the transaction detail there and see the activity. In other words if I look at this report and I see this paycheck for one thirteen and I see this impacting the checking account. Well then I can go into the checking account. Look at the transaction detail and I will see that paycheck form generally. This is on what is this on one thirteen. So if I go into the balance sheet double click on the checking account and I go into that one thirteen. We had a paycheck form. So paycheck form. One of these it is right here. So we should be able to find that is the point. And then we could. That's not it. It's up here somewhere. One of these paychecks. So that's the point. We can basically see it and then we could see the impact on the actual the actual account in terms of increases and decreases when we look at the transaction detail. So you can kind of deconstruct what is happening and get a better feel of what is what is going on from an accounting standpoint and learn the debits and credits by deconstructing the end result. And then and then going back to the source material and then considering the source. Not just in terms of a form not just in terms of increases and decreases but in terms of debits and credits. You can also filter this report in a similar ways we've seen in other reports. So if I go to customize filter common filter trans will be by transaction again. So if I filter by transaction maybe I just filter one and maybe this time I'm going to want those long transactions. Maybe I want the paycheck transactions. So if I say OK let's see what's happening with those paychecks. And then you could go in here and kind of drill down if you can understand these big old journal entries with the paychecks and what's actually happening with them. Then that's that's given you a pretty good understanding because these are one of the more complicated transactions. This one's even more complicated because it's a job cost system. So that you notice you got overhead transactions in here. They've got some zero transactions so it's actually not this complicated because there's nothing being posted to those items. But in any case that's one thing you could do. You could customize up top and you could filter. Let's filter by another one. I can clear the filter either by clicking on it and removing it or I could have reverted to the original. And then I'm going to go back to the transaction detail and let's filter again. This time multiple filters possibly invoices and sales receipts. Let's do that again. And we're going to say OK. So now you can see the invoices can be some of them are quite complex with this company as well because they're a job cost system. And so they've got some more complexity in the invoice in which if you're billing you might want to account for in some way shape or form within the billing process. If you're trying to bill by how many transactions you've entered into the system for example.