Setting up your company using Quickbooks
February 19th, 2008 Filed Under "How to", Resources, Tips
Quickbooks Company setup
Setting and customizing your company to use quick books is a very easy process. Quickbook setup allows you to set-up your company using a easy to follow interview process. This process can take anywhere from 15 minutes up to several hours, depending on how detailed your company information may be.
You can choose to set up your quickbook company providing only essential information about the company or you may choose to provide a more detailed account of historical transactions on your customers, vendors, employees, products and services. Your choice will determine the lenght of time it takes you to complete the quickbook setup.
Quickbook Company File
The company file that quickbook uses consist of the data information used by quickbooks to store and manage information about your company’s fiancial transactions. You will see the extension .qbw at the end of your quick books company files.
Quick book Set up Checklist
Before you begin quickbooks you will need to have important records, files and information on hand. Having this information available will help you to be able to complete the quick books interview process more efficiently.
Quick book Checklist
1. Your quick book company name and address
Be sure to have the legal name of your company. This is the name that you use on all your official, tax forms and documentations. Your legal name may be different from the company name you use on your customized invoices, statements and reports.
2. Federal Tax Identification Number
Your federal ID Number is the 9 digit number that was issued to you by the IRS (internal revenue service). This number is also called an EIN or Employer Identification number. If you do not have one, you can file an application for an EIN online or by calling the Internal Revenue Service at 800-tax-form. You should also know that some businesses with no employees, sometimes use there social security number, however I think it’s best to apply for your federal Identification number.
3. Your Company/Business start date
This is very important, because using quickbooks you will have to enter ALL data from the start date you put in, up to the present date. Therefore, if you use a start date of one year ago, you will have to locate all your historical data, idating back to the start date you entered and enter all information accordingly.
4. Sales Tax Information
If you company or business charges sales tax, you have to enter data regarding how much your sales tax is, how much you currently ow in sales tax, and the address where you are to pay your taxes.
5. Bank Statement, cancelled & outstanding checks and credit cards.
In order to input data on your company or business banking you will need to have your most recent bank statements of all business accounts. When quickbooks ask you for your opening balance, you will pull this information from you closing balance from your current bank statement. Then locate your credit card statements and enter the information accordingly.
6. Payroll Information
If you will be doing payroll with quickbooks you need to have information on your employees’ such as tax information, deductions, benefits year to date information, payment and/or direct deposit information.
Completing this checklist and having all necessary paperwork available will make setting up quick books an easier process.
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[…] Business Building Steps wrote an interesting post today on Setting up your company using QuickbooksHere’s a quick excerpt Quickbooks Company setup Setting and customizing your company to use quick books is a very easy process. Quickbook setup allows you to set-up your company using a easy to follow interview process. This process can take anywhere from 15 minutes up to several hours, depending on how detailed your company information may be. You can choose to set up your quickbook company providing only essential information about the company or you may choose to provide a more detailed account of historic […]
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