setting up quickbooks
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Setting Up QuickBooks®
From the Beginning…
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Objectives
We will:
Create a new QuickBooks company using the “Express Start” Interview
Set up the operating year, start date, and administrative password
Introduce the chart of accounts
Enter historical transactions into QuickBooks
Enter customers, jobs, vendors, accounts, and items
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A Couple of Quick Things…
A QuickBooks file contains the financial records for a single business.
Proper set up is most important
Please have available before starting:
Bank Statements
Client, Vendor, and Inventory Lists
Pending Business Transaction Records
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Our Sample Company
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OR
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Creating a QuickBooks Company
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Creating a QuickBooks Company
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Entering Company Information
Most of you will be sole-proprietorships
(solo owners)
• Determines your chart of accounts
• Can choose “general product or
service-based business
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Entering Company Information
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Filling Out Your Data File…
Let’s start out by adding customers and vendors.
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Sign in to allow access
Customers, Vendors, and Employees, Oh My!
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Customers, Vendors, and Employees, Oh My!
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Customers, Vendors, and Employees, Oh My!
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Filling Out Your Data File…
Add your products and/or services.
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Add Products and Services
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Add Products and Services
Either copy and paste from Excel or enter directly into QuickBooks.
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Add Products and Services
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Filling Out Your Data File…
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Add Bank Accounts
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Add Bank Accounts
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Filling Out Your Data File…
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What is Your Operating Year?
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Choosing a Start Date
If your company is established:January 1st or the beginning of your fiscal year, if different.
If your company is new: The start date of your company.
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Administrator Password SetupThis step is optional, but recommended:
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Where is your QuickBooks file?
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The Chart of Accounts
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A complete list of your business’
accounts and their balances appear
in the chart of accounts.
You use a chart of accounts to track
how much money your company
has, how much money it owes, how
much money is coming in, and how
much is going out.
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Types of Accounts in the Chart of Accounts
There are two basic types of accounts:
•Balance sheet accounts
Bank Accounts
Receivable and Payable Accounts
Fixed Assets
•Accounts used to track inflow and outflow
Income
Expense
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Adding an Account to the Chart of Accounts
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Adding an Account to the Chart of Accounts
Choose the type of account that
you want to add and click
“Continue”.
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Entering Historical Transactions
1. Sales and accounts receivable transactions (invoices, statement charges, sales receipts, returns, payments, deposits, sales tax payments)
If your QuickBooks start date is before today’s date, you need to enter past transactions.
It is important to enter historical transactions in this order:
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Entering Historical Transactions
2. Enter bills received and bill payments made since the start date.
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Entering Historical Transactions
3. Summarize payroll amounts for the year-to-date, if applicable.
4. Enter bank and credit card transactions (checks, deposits, etc.).
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Entering Historical Transactions
5. Finally, reconcile the company bank accounts.
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Customers & Jobs
Vendors
Accounts
Items
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Getting to Know QuickBooks
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Adding Customers
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Adding Jobs
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Adding Jobs
Job status information is for your records—it gives you a way to keep track of each job.
The job now appears under John M. Smith in the Customers & Jobs list.
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Adding Jobs
Jobs in QuickBooks are optional.
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You should consider inputting jobs if you often
perform multiple jobs for the same customer.
You do not need to add jobs to the Customers &
Jobs list if your company never does more than
one job or project per customer.
You can use jobs in QuickBooks to track the
activity for each job separately.
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Leave this field blank
Adding Vendors
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Adding Items
An item can be either of the following:
Something your company buys, sells, or resells in the course of business
Products, shipping and handling charges, discounts, and sales tax
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You can think of an item as something that shows up as a line on an invoice or
other sales or purchase form.
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Adding Items
QuickBooks provides several different types of items.
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Some, such as the service item or the inventory part item,
help you record the services and products your business
sells.
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Adding Items
Others, such as the subtotal item or discount item, are used
to perform calculations on the amounts in a sale.
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Adding an Item to the Item List
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Adding itemsHere is an example of the new item list window for a new service part:
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Closing the Company FileTo close the just the particular company file open (but keep
QuickBooks open):
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Exiting QuickBooks
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Thank you for attending this class.
Please note that the preceding information is copyrighted and cannot be sold or distributed
without prior consent from AddcomCPA.
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