Delete a recurring journal entry is one that appears on a regular basis, such as a monthly rent charge, quarterly payroll tax, or semiannual real estate tax. You may use recurring entries to reduce the amount of time you spend maintaining journal entries that happen on a regular basis. Regular journal entries are similar to recurring journal entries, but recurring journal entries must be released and transferred to the Multi-Book Ledger application for publishing.
The Recurring Ledger subsystem of Multi-Book Ledger is where recurring journal entries are made and it has the system code RL. You may use a recurring journal entry to automate related or repetitive entries. The use of recurring journals is advantageous for users who need to post such transactions on a regular basis with little to no adjustments. In this guide, you’ll learn more about recurring journal entry and how you delete a recurring journal entry in QuickBooks software.
What are different types to create recurring journal entries in QuickBooks?
There are basically two ways to create different types of recurring journal entries:
- Auto zero journal entries, where amounts or units are zeroed after the recurring entry is processed for the period
- Non-auto zero journal entries in which the amounts or units are fixed or remain constant.
Characteristics of Recurring Journals:
- Needs to be entered periodically
- The same number of Journal Lines
- There is logic in place to describe the line selection criteria
- Every time, the same set of accounts is included
- The method of recording repeated journal entries is made easier
- Creates the same journal entries in different accounting periods with different or the same numbers.
Steps to delete a recurring Journal Entry in QuickBooks?
- Initially, open the Financial Center
- Next, select the Recurring Journal view
- Now, in the Type column, you have to click the link to open desired recurring journal entry form
- At last, select File and then click “Delete”.
In general, the Recurring Journal Entries function allows you to create a journal entry or check once and have the system create an identical journal entry or check at regular intervals. The main features are the ability to build, edit, view, and remove repeated journal entries. The measures outlined above will assist you in deleting a recurring journal entry in QuickBooks.
Frequently Asked Questions
Ans. You can create a Recurring Journals with the following ways:
✔ Same account combinations with no amounts
✔ Same account combinations with fixed amounts
✔ Amounts are calculated using the same account combinations and mathematical logic.
Ans. ✔ First, open your QuickBooks and select Company menu
✔ Click “Make General Journal Entries” and then go to the Main tab
✔ At the top of “Make General Journal Entries” window, you have to click on the left arrow to get to the previous window
✔ In order to select the GJE(s) which wants to removed
✔ If you know the GJE number, you can quickly locate and delete the entry by clicking Find and entering the number in the blank field.
Ans. ✔ The very first, open QuickBooks and go to the Gear icon to access Settings
✔ Next, click on the Chart of Accounts and find the transaction that you wish to remove/delete the entry
✔ Go to the Action column and click on the “View Register”
✔ Select Delete from the Journal Entry drop-down menu
✔ In QuickBooks, you can’t delete several journal entries because this feature isn’t available yet
✔ On the screen, a confirmation message will blink
✔ In the end, choose Yes to delete the transaction entry.