Some of you who previously kept financial records by hand are familiar with the general ledger and journal. Luckily, with QuickBooks the general ledger and journal are automatically populated from the transactions you enter for your real estate and property management business. These QuickBooks reports are great resources to view all transactions and journal entries.
The General Ledger report lists all transactions for each account over the specified period of time. You can select the date range to show the appropriate transactions. The Transaction Detail by Account report lists individual transactions with subtotals for each account. Ultimately, the General Ledger report and Transaction Detail by Account report show you the same information. These reports are easy to customize for your property management and real estate needs.
The Adjusting Journal Entries report lists all adjusted journal entries during the specified period of time. Adjusting Entries are journal entries made at the end of an accounting period to allocate for income and expenses that have yet to be recorded.
The Journal report is meant for accountants as it breaks each transaction down into debits and credits. If you are not familiar with double-entry accounting, this report may be more confusing than helpful. By default, it does not show adjustments.