5 – Preparing Journal Entries in Accounting Systems

Knowing the fundamentals of preparing journal entries is important before you start recording any financial transactions. However, today accountants don’t typically record financial transactions in books or journals, rather they use accounting software systems and record these transactions electronically. There are a variety of accounting systems in use and each one can look a little different, but the general process is the same across each system. One common system in use is Quickbooks and is a good place to start to show how the process works.

The video below provides an overview of how to record journal entries in Quickbooks. The video also helps you create reports based on your entries.

Reflection:

Quickbooks is one widely used accounting tool to record entries. Can you see how this tool can help you maintain portable records as opposed to handwritten journal entries?