So you have just purchased QuickBooks, you have loaded the program and you are excited about starting a new company file to track income and expenses on your new business.
Where do you start? Do you hire a QuickBooks ProAdvisor to help you set up your books? Well, of course hiring an Advisor will help to ensure the accuracy on setting up the file, but you can do this yourself using the templates chart of accounts provided in the QuickBooks program. There are so many choices from Service related businesses, Legal, Retail store, etc. It will be easy to find the select pre-set chart of accounts that works for your business. Go to file, New Company and take it from there! It is that easy. Be sure to watch the tutorials under the help icon on how to use the program and get started using your new accounting software.
Lastly and this is the biggest tip of all if you are entering your own records into QuickBooks, be sure to use the trial balance from the old accounting software and enter your begining balances as a journal entry. DO NOT ENTER THEM AS YOU SET UP YOUR CHART OF ACCOUNTS IN THE EASY STEP INTERVIEW. You will only need to enter the balance sheet accounts (unless you are starting mid fiscal period). Make sure for the opening balances for accts. payable and accts. receivable, you enter the open bills and invoices dated in their earlier dates for the open balances for these two accts.
Proper setup is key to accurate accounting records. If in doubt, hire a professional to help set you up in the QuickBooks program.
Where do you start? Do you hire a QuickBooks ProAdvisor to help you set up your books? Well, of course hiring an Advisor will help to ensure the accuracy on setting up the file, but you can do this yourself using the templates chart of accounts provided in the QuickBooks program. There are so many choices from Service related businesses, Legal, Retail store, etc. It will be easy to find the select pre-set chart of accounts that works for your business. Go to file, New Company and take it from there! It is that easy. Be sure to watch the tutorials under the help icon on how to use the program and get started using your new accounting software.
Lastly and this is the biggest tip of all if you are entering your own records into QuickBooks, be sure to use the trial balance from the old accounting software and enter your begining balances as a journal entry. DO NOT ENTER THEM AS YOU SET UP YOUR CHART OF ACCOUNTS IN THE EASY STEP INTERVIEW. You will only need to enter the balance sheet accounts (unless you are starting mid fiscal period). Make sure for the opening balances for accts. payable and accts. receivable, you enter the open bills and invoices dated in their earlier dates for the open balances for these two accts.
Proper setup is key to accurate accounting records. If in doubt, hire a professional to help set you up in the QuickBooks program.
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