An Easy Guide to Set Up QuickBooks
Quickbook is a software that automates bookkeeping and makes it easier for a business to keep track of their expenses and profits. It is used by all types of companies because of its user-friendly interface and tons of useful features. Once you set up Quickbooks it can hold the estimates, costs and inventory of the company making it easier for the cashiers to generate bills and invoices. There is also the option of customizing the income for payroll and adding categories to the expenses for the different types of products and services the business deals in. There are specialized versions for the larger corporations which have additional functions. Such corporations can opt for QuickBooks Premier hosting and perform OneDrive migration to hosted VMs for extra functionality. To set up Quickbooks you need to follow the instructions given below.
Steps to Set Up QuickBooks
- Open Quickbooks and go to ‘File’ on the top left-hand corner of the menu and then click ‘New Company’ from the drop-down list.
- Click ‘Start Interview’ to begin personalizing the software. Type the name of the business and its legal name if it is different.
- Type the tax ID number of the company which can be obtained from IRs. If it is a sole proprietorship then you can enter the social security number.
- Type the contact details so this information can occur on the letters and invoices generated by Quickbooks.
- Next select the industry your business operates in.
- Click the radio button to see how the business is legally structured with the federal and state governments.
- Set the first month of the fiscal year. It is recommended that you start with January.
- Set up an administrator password.
- Once you have done all of the above the company file is created.
- Verify all the information, if it is not accurate you can edit it. Then click Save to complete the set up Quickbooks.