Setting up a company on QuickBooks is not different from opening a new document on MS word. All you need to do is follow the instructions as they appear on your PC, fill in the forms like your business name, contact address, business phone number and so on.

Inorder to use QuickBooks Accounting software, you need to install the application package: Simple Start, Pro, Premier or Enterprise version- and run it on your business PC.

As you set up your company file, QuickBooks prompts you for details about your business. Before you begin the setup process, which begins with the EasyStep Interview, gather the following items:
  1. The legal name of your company, the "doing business as" name, and the address
  2. The 9-digit business number (BIN) issued to you by the CRA; some businesses will not have a BIN
  3. Info about the sales taxes you pay & collect, including how much tax you owe as of your start date
  4. Your start date, which is usually the first day of your fiscal year
  5. Bank statement balances, credit card accounts & outstanding cheques.
Chart of Account Terms in QuickBooks You Should Know:

Balance Sheet Accounts

BANK
Tracks chequing, savings, petty cash, etc. Add one bank account for every bank account your company has.

ACCOUNTS RECEIVABLE (A/R)
Tracks transactions for money owed to you (e.g., invoices, refunds). Most companies have 1 A/R account (except when using multiple currencies).

OTHER CURRENT ASSET 
Tracks assets you're likely to use up within a year (e.g., prepaid expenses).

FIXED ASSET
Tracks depreciable assets you own that aren't likely to be used up within a year (e.g., equipment).

OTHER ASSET
Tracks any asset that is neither current nor fixed.

ACCOUNTS PAYABLE (A/P)
Tracks transactions for money you owe (e.g., bills).

CREDIT CARD
Tracks credit card purchases, bills & payments.

OTHER CURRENT LIABILITY
Tracks liabilities that are scheduled to be paid within a year.

LONG-TERM LIABILITY
Tracks liabilities that are scheduled to be paid over periods longer than a year (e.g., mortgages).

EQUITY
Tracks owners' equity (e.g., capital investments), owners' draws & retained earnings.

Income & Expense Accounts
Income and expense accounts track the sources of your income and the purpose of each expense.

When you record transactions in a balance sheet account, you usually assign the amount of the transaction to one or more income or expense account.

INCOME
Tracks the main source of money coming into your company.

OTHER INCOME
Tracks money received for something other than normal business operations (e.g., interest income).

EXPENSE
Tracks money that is leaving your company.

OTHER EXPENSES
Tracks money spent on non-standard business operations (e.g., corporate taxes).

COSTS OF GOODS SOLD
Tracks the cost of items that you sell.

You can contact an experienced QuickBooks experts to help you set this up in less than 10 minutes.

Use this QuickBooks Simple Start, QuickBooks Pro, QuickBooks Premier and Enterprise to find the best tutorials on QuickBooks for your small business

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