1 the total amount of money that a company pays to its employees. 2  a company's records of its employees' salaries and wages, bonuses, and withheld taxes. 3  the company's department that calculates and pays these. the total amount of money that a company pays to its employees. 2  a company's records of its employees' salaries and wages, bonuses, and withheld taxes. 3  the company's department that calculates and pays these.
Closing entries are needed to clear out your revenue and expense accounts as you start the beginning of a new accounting period. Preparing your closing entries is a very simple, mechanical process. Follow these steps: 1  Close the revenue accounts. 2  Prepare one journal entry that debits all the revenue accounts.
You will then see the Make General Journal Entries window. If you want to use a journal entry to reassign income or expenses, today's date should be in the Date field. If you are making end-of-year entries or adding to the year's depreciation, use the last day of the fiscal year. QuickBooks automatically assigns journal entry numbers to your journal entries. If you want to change that number, enter it into the Entry No. field. Now we will start adding lines to the table. Under Account, select the account that you want to either debit or credit.