A ledger is a record of all the expenses and income or the credits and debits of a business. All the economic transactions of the company are tracked in the ledger. It helps in preparing financial statements. QuickBooks is accounting software for companies and business that you can use to prepare a ledger online. It will represent the assets and liabilities of the company and will also organize financial information. You will find two accounts in QuickBooks Desktop, namely, the Balance sheet account and the Income and expense account. The balance sheet account will comprise the assets and liabilities of the company. The income and expenses accounts will include the money credited and debited in the company’s bank account. Therefore, it is necessary to make the correct entries in a ledger as it contains all the financial information. You can also edit the ledger in QuickBooks Desktop online.
How can you edit a ledger in QuickBooks?
Before you start editing the ledger in QuickBooks Desktop, ensure that the program is running smoothly on your system. If you face any error while accessing a company file, editing or saving it, you can download the QuickBooks Desktop file doctor to resolve the issues. You should also know that there are five types of accounts in QuickBooks Desktop that the users can edit. It includes expenses, income, equity, assets and liabilities. Now, let us see how you can add accounts and edit a ledger in QuickBooks Desktop.
- Add an account- To add a ledger account in QuickBooks Desktop, you first need to open the QuickBooks Desktop software. Over there, you have to go to the top menu option. There you will find a Lists menu. When you click on that, you will come across some options. Amongst that, you have to click on the Chart of Accounts. Once you do that, you are required to go to the bottom where you will find the Account drop-down option. You have to click on that and then select New.
Now, the next step is to choose an account type from income, expenses, assets, liabilities, and equity. After that, click on the continue option given below. Here, you will be required to mention your account details. If you are creating a sub-account in an already existing one, you should click on the child account option. However, if you are creating a separate account altogether, you have to go down to the drop-down menu and click on the parent account. Make sure that you enter the details correctly to avoid any error. Once you have entered your account details, you can save and close the account. If you follow these steps correctly, a new account will be created in the ledger.
- Edit the account- You have learnt how you can create an account in QuickBooks Desktop. Now, you must know how you can edit any of the previously created accounts. To start editing, you will have to again go to the top menu options and find the Accounting Menu on the left side. When you click on that, the names of all the accounts that you have created will appear on the screen. You can also type the name of the account and search it. Once you can find the account that you wish to edit, click on that. You will see some options on the screen. Among those, you will find account history or run report tabs and an arrow next to it. Depending upon the account that you wish to edit, you can either click on the drop-down arrow of account history or run the report. Now click on the edit option. It will allow you to make all the required changes. Once you have made all the necessary changes, you can save the edits.
- Edit accounts history- If you wish to edit the history of the account in QuickBooks Desktop, you have to follow the initial steps as mentioned above. Go to the accounting option from the left menu. Then, you have to select the account for which you want to edit the history. The next step is to select the transaction that you wish to edit. You can edit, add, or delete the transaction. When you have made the edits, you can save it.
If you are facing any network issues or other common errors while editing the ledger in QuickBooks Desktop, you can install the QuickBooks desktop file doctor.