Grouping Journal Entries into Summary Entries: Allowed?
I currently use a database which I developed in addition to QuickBooks to fulfill the accounting tasks at my job. The database houses all customer, sales, and cogs data which is updates from external sources. I currently have to enter the all the data from the database relating to each individual sale into QuickBooks. This means that I have to make a minimum of three entries in QB for each individual sale and this has proven to be very time consuming. I am looking to find out if it would be legitimate to make a single journal entry at the end of the month for each of the affected revenue and COGS accounts. We are also on the accrual basis of accounting. Any and all comments and suggestions are appreciated.