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afrance
Mar 14, 2019 7:01 AM UTC
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Can anyone explain why double entry accounting is used throughout Quickbooks apart from when you enter a bill and attach it direct to a customer account ?

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Rustler
RustlerAnswer
Mar 14, 2019 10:04 AM UTC

@afrance 

to answer the rest of your question

 

entering a bill does use double entry accounting, the bill is a credit in accounts payable, and what ever the bill is for is usually an expense, a debit.

 

that you associate a customer and perhaps make it billable has nothing to do with it.  Until you invoice the customer and bring the billable expense to the customer invoice that billable status is just a reminder.

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6 replies

Kristine Mae
Kristine Mae
Mar 14, 2019 7:37 AM UTC

I can provide an input why Quickbooks uses double-entry accounting, Afrance.

 

Our software uses this accounting method since it's the worldwide standard for business accounting. In this method, transactions record in at least two accounts. One as a debit, then the other as a credit.

 

You can check this guide for more information: Complete Guide to Double-Entry Bookkeeping.

 

We're just here if you have further questions. Have a nice day! 

gorhamenterprise1
Jun 11, 2020 9:23 PM UTC

How can I perform a double-entry accounting transactions in the quickbooks desktop version.

 

jamespaul
Jun 11, 2020 11:30 PM UTC

Hello, gorhamenterprise1.

 

I'm here to help you perform a double-entry transaction in QuickBooks Desktop. I'll also add more details regarding the processes. 

 

Just like what Rustler said, entering transactions in QuickBooks Desktop already involves double-entry accounting. What particular entry do you need help with? I'd appreciate more details about this.

 

You can create a sales receipt, an invoice, or a supplier's bill through the tool bar menus at the top. Using the shortcut icons is also a good way to create a double-entry accounting transaction. 

 

 

You can check the articles in these topics if you need help entering them: 

 

If you'd like to know the breakdown of the recorded transactions, you can run the Journal report. It shows you the debit and credit of every transaction and what accounts are affected. Here's how to run it:

 

  1. Go to the Reports menu.
  2. Hover your mouse on Accountant & Taxes.
  3. Choose Journal. 

 

 

You can find more articles here in case you need help with other tasks in QuickBooks Desktop. 

 

If you need help recording a specific transaction, please let me know. I'll be here to help. I also welcome any QuickBooks Desktop concerns you might have. 

Rustler
RustlerAnswer
Mar 14, 2019 10:04 AM UTC

@afrance 

to answer the rest of your question

 

entering a bill does use double entry accounting, the bill is a credit in accounts payable, and what ever the bill is for is usually an expense, a debit.

 

that you associate a customer and perhaps make it billable has nothing to do with it.  Until you invoice the customer and bring the billable expense to the customer invoice that billable status is just a reminder.

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