Creating a New Company File

You can create a new company file by clicking File Menu > New Company. This will lead

you to the Easy Step Interview. You have three options in creating a new company file:

1. Convert Data - if you want to convert your Quicken, Peachtree, Small Business Accounting and Office Accounting software to QuickBooks.

2. Skip Interview – if you are a QuickBooks expert. You can add your company information later once you are in your company file.

3. Start Interview – QuickBooks will walk you through by asking you basic questions regarding your company so that it can customize the company file for you.

Of course, I’ll walk you through the interview!

1. Enter your company information. The Legal Name is the name you use on your tax and legal forms. If you use a DBA name, use the DBA in the company name.

2. Select your industry. Your industry selection is used to recommend features that work best for your business. QuickBooks will recommend features that can best meet your business needs.

3. Choose your business entity. Because different tax laws apply to each business entity, it's important to select the one that corresponds to your company's organization. Your selection determines which tax forms QuickBooks will use to report taxes for your company. If you choose Other/None, no tax form will be associated with your company. You can update your company information later to select the desired income tax form.

5. Select the first month of your fiscal year. A fiscal year (also known as a financial year) is

a 12-month period used for calculating your company's yearly financial reports. Some

states require financial reports once every 12 months, and don't require that the twelve

months constitute a calendar year (i.e., January to December). Many businesses use January as the first month of their fiscal year to coincide with their income tax year, which makes it easier to prepare their company's income tax statement. Your accountant can advise you if you decide to use a month other than January.

6. Set up your administrator password to protect your company file. But this is optional

especially if you are the only user of QuickBooks.

7. Create your company file by saving it in your computer or server.

8.We’re now ready to customize your QuickBooks so that it will meet your business

needs by answering the next questions.

9. What do you sell? QuickBooks will use information about what you sell to tailor the rest

of the EasyStep interview to your needs. For example, if you sell products, you will have

the opportunity to set up inventory.

10. Do you charge sales tax? If you charge sales tax for the products or services you sell, you pay your collected sales taxes to a tax agency on a regular schedule. QuickBooks helps automate your sales tax-related tasks so you can keep accurate information about the sales taxes you collect and pay.

11. Do you create estimates in QuickBooks? If you provide estimates, bids, or quotes to your customers, you can use the QuickBooks estimates form. By creating estimates in QuickBooks, you can track your proposals and easily turn each estimate into an invoice. You can create multiple invoices to bill for the portions of estimates that have been completed.

12. Using statements in QuickBooks. Statements are used when you allow a customer to accumulate charges before requesting payment, or if you assess a regular monthly charge. When you're ready, such as at the end of the month or when you've accumulated charges, you can print a billing statement to send to your customers.

13. Using invoices in QuickBooks. Use an invoice any time you bill your customers for payment. You can bill your customers for an entire project or for portions of a project.

14. Managing bills you owe. Managing your bills in QuickBooks will help you keep track of what you owe, who you owe it to, and how much you owe.

15. Tracking time in QuickBooks can help you:

· See how much time you spent on a project. This can help you calculate your costs and decide if you are charging appropriately.

· Track hours worked by employees. You can then create accurate paychecks and bill customers for actual hours worked.

16. You can use QuickBooks to track contact information about all your employees, manage your payroll, track employees' hours, and manage sick and vacation time.

17. Next we will guide you through creating the bank accounts, expense accounts and income accounts that make up your chart of accounts

18. The start date is a date you choose as the starting point for your financial records in QuickBooks—similar to starting a new register for a checking account.

Important: Once you choose a start date you'll need to enter the balances for your accounts as of your start date. Once you start using QuickBooks, you'll enter details for any transactions—such as bill payments, invoices, and payments from customers—that have occurred between your start date and today's date.

19. This portion of the EasyStep Interview will guide you through creating income and expense accounts. Based on your industry selection, QuickBooks will recommend a set of income and expense accounts to use. You can start with these accounts or create new ones later. You can also delete or rename these accounts later.

20. CONGRATULATIONS!