Each time you create a file in QuickBooks is called a company you can have as many company files in QuickBooks as you would like. Someone to show you how to go ahead and set up a company file and then how if you need to open a different when you're able to do that. This is the screen that you always see when you first open QuickBooks. It should also be the last green you see before you close QuickBooks for the day. This is where you're going to be able to open an existing file you would see it in the list here.
Restore Company in QuickBooks
You can also create a new company which you're going to do in just a second. And you can also open to restore company here that this open usually the same as this one. It just allows you few don't see the company file you'd like in this list you can go ahead and just search your computer for it. And briefly let me tell you what restore means. We'll talk a little bit later in another module about backing up your company file if you ever need to use that back up you would have to go through an option called restore and this is for you to get to that option.
Also notice the sample files and there's a down arrow because you have several you can choose from.
- If you don't know how to do something see how they did it in when the sample files and that'll help you out quite a bit so everyone has these just so you'll know.
- What I want to do now is go through and create a new company file with you that this will be a onetime thing you must do for each company file that you create and go take a couple minutes but once you get it set up you'll be glad you went through it.
- This is going to walk us through something called the easy step interview now this first screen that comes up it always ask you if you'd like to go ahead and use the start setup option here. Or just notice also that down here you can look at some of these other options. Like sometimes people have other.
Convert Data into QuickBooks
Software packages they've been using to do their accounting and you're able to convert some of that data into QuickBooks like quicken that's a popular one. Also, if you want to open an existing file the giving of the choice to do it here or you can go through this advanced set up here. Okay go ahead click on this advanced set up because sometimes this basic one doesn't always give you everything you need to do a good firm set up. Some advanced set up and this walks us through what they call the easy step interview. You'll notice on each of the screens that you have a next and the back optioned out the bottom seeking always go back. Here it asks you to put an information about your company now just going to put on a fake company for now all call it my company.
Add Federal Identification Number in QuickBooks
You want to go hand type in all the information that you can in these fields now notice the on the one you must put in is the company name see the little red star. Now I should tab down is going to bring in the company name as the legal name. It also will ask you about your federal identification number. Be careful about filling in some of the fields in QuickBooks because there's a lot of information they're just there for you to hold information those fields and it really doesn't need it in QuickBooks. The last personal information could pretend like social security numbers in FIM numbers and things like that the better off you'll be. The only reason you would need a tax ID number in QuickBooks. Is one. You're going to create 1090 nines. And, if you use the QuickBooks payroll service they'll need it. But there's not any other options where you'll need that. Now you do what a plugin like a street address to review what the mail to go to solve just put in a PO box here. And then you can put in city state and set up so you could feel bad ow. Also, you're going to see that has a place for the phone number the fax email and website. Again, you don't have to fill but then but if you're going to sing correspondents out to customers or vendors. It's going to pull from these field so you want to fill this information.
Edit Your Information in QuickBooks
Yes, you can go back and edit this information at any time and I'll show you a bit later how to do that. Going to click next. And here it says select your industry. Now there's no wrong answer here so you want to pick something close to what you do you'll notice that if you happen to be a long care. Or maybe you happen to be in manufacturing. Up at the top here I skipped over a couple like accounting and bookkeeping MIB automotive religious organization there's really a lot of different industries to pick from. There's also the general product or service space business at the bottom you can choose one of those. Don't get hung up on this answer like I said there's no wrong answer here. I'm going to click next and now would ask how did your company organize. Now this is one that a lot of people get really stumped on. Here's what I must say about the screen if you have accountant that does your taxes for the business. Then choose other or 9 you don't need to worry about any of this. What will happen is if you pick any of these options here. When you're entering different information in QuickBooks you're going to see an additional field sometime that will allow you to put in a tax line on a tax form. You're not going to have a clue what to put there if you're not an accountant or season bookkeeper and I don't want to get hung up on that. So, you can just pick other none so you don't have to worry about it. Alright I'm going to click next at the bottom and ask. For us to select the first month of the fiscal year I'm going to leave it on January but you could change that if yours happens to be different. And they did ask about setting up your administrator password.
Set Up Your Password in QuickBooks
Now we're going to talk a little bit later in Marshall 3 about working with users. In QuickBooks, you can have up to 5 users without perching purchasing additional points. You are the administrator so you are one of the users. And it's asking you now if you want to go ahead and set up your password. It is very highly suggested that you do set up users in QuickBooks. I'm not upset the sept nail below but later you'll see where this comes into play. Here it's telling us that we're going to create our company file when we click next. And this is like the save screen so you could really say this anywhere you want. I have put on the desktop and hit save. And then if you give it just a minute you'll notice it's starting to create your company file in the background. You're going to start scene in just a minute there's some icons that will appear on the left. You can also see that it's going to give your home screen and that sort of thing. There you go now my icons are the secret put some here. If they show up at the top that's okay because I'm going to show you how to put them on the top or the left whatever your preference happens to be there yet there on the left over here. Alright I'm going to click next and keep going. Now as we go through here you may get some different screens if you're trying to follow my video. The reason for that is because the next questions based on how you into the previous questions. So just kind of hang tight if I am behind your head of you wanting to see that we come together shortly. This says what do you self services products about. If you don't know maybe in the future you're going to sell products. Turn the option on sucking heard anything. As you go through these you're just turning icons are often the screen that's all you're doing. I'm going to click next and it ask.
Setup Sales Tax into QuickBooks
Do you charge sales tax? Again, all it seems to you charge it yes or no it's not where we're going to set up the tax or any of that.
Create Estimates in QuickBooks
Do you want to create estimates in QuickBooks? A great example of an estimate would be a construction company. If I want to have my kitchen remodels I'm going to ask for a quote or an estimate from the construction company and that's with the sis. So also, yes here. The next thing you ask about is using statements in QuickBooks. Remember that statements go out to customers typically at the end of the month and it's just a summary of any invoices and went to the customer payments made in with their balance is. Again I'll just leave that on yes and click next. This question is about progress invoicing and if I were setting up quick books I would put this question right after the question that asks if you want to use the estimate feature. What progress invoicing allows you to do is if you create an estimate you can enforce your customer for portions of the estimate. Maybe a percentage of the estimate until it's completely invoiced. So if you're going to use estimates you probably do want progress invoicing. The next thing is managing bills that you owe. You probably do want to keep track of your bills. A lot of people get the mail and they'll just have to pile on their desk where the bills go and you just pull out the ones that you think you might want a pet. That would work except if you really want to use QuickBooks you wonder brown reports that will show you.
Bills in QuickBooks
The title of the bill so you've received it'll show you what's 90 day 60 days already on the list. So, you probably do want to keep track of the bills you go. Stock click next. And that would ask. If we want to track inventory. True inventory means that I sell chairs and I got 6 in the back room. Tell me what I have 2 left so I can order some more. You can hear another term in QuickBooks called non-inventory. This might be physical things that use purchased or you bought. And you don't really need to track the you have someone in the back room but you might want to read reports frequently to see how many of them you've sold or how many you've purchased. So give it doesn't hurt to turn on the inventory option. The next question asked about tracking time in QuickBooks. Now couple ways you can use this. You can use this if you're in a business where you charger customers by the time you spend working on job for them. There's a timer you can turn on and you can let it go and then you're ready can turn the timer off and then invoice the customer base on that time. Another way to use this is for employees. If you need to track the time that they're spending on a job then you can use that for your job costing. if you need any help on QuickBooks pro then we help you effectively manage your QuickBooks, just call us at QuickBooks tech support phone number as given above.
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