2012. perform a complete company file setup using the 12-step process choose a start date use the...
TRANSCRIPT
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2012
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Perform a Complete Company File Setup using the 12-step process
Choose a Start Date Use the EasyStep Interview to setup your
Company File Setup Accounts in the Chart of Accounts
List Gather Your Information for Setting up
Opening Balances Enter Opening Balances Enter Year-to-Date Income and Expenses
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Adjust the Opening Balance for Sales Tax Payable
Adjust Inventory for Physical Quantities on Hand
Verify your Opening Balances Close Opening Balance Equity into
Retained Earnings Back up the File and Setting the Closing
Date Set up Users and Passwords
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1. Start Date2. Create company file3. Chart of Accounts and lists4. Opening Balances5. Enter outstanding transactions 6. Year-To-Date Income and Expenses (if
necessary)
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7. Sales Tax Payable8. Inventory9. Payroll Lists and Year-To-Date Payroll
information10. Verify Trial Balance 11. Close Opening Balance Equity 12. Back up your file
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Best start dates:◦ Calendar-Year Basis
December 31◦ Fiscal Year basis
Last day of fiscal year◦ For a new company
First day of the business
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Express Start Advanced Setup
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To set up the Chart of Accounts, we will cover the following:◦ Account Types ◦ Activating Account Numbers ◦ Adding Accounts ◦ Adding Subaccounts ◦ Removing Accounts from the Chart of Accounts ◦ Reordering the Account List
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Assets:◦ Bank◦ Accounts Receivable◦ Other Current Asset◦ Fixed Asset◦ Other Asset
Liabilities:◦ Accounts Payable◦ Credit Card◦ Loan◦ Other Current
Liability◦ Long Term Liability
Equity Income:
◦ Income◦ Other Income
Expenses:◦ Expense◦ Other Expense◦ Cost of Goods Sold
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Deleting Accounts - Option 1 Deactivating Accounts - Option 2 Merging Accounts - Option 3
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Select the account you wish to change
Rename the account to the account you wish to keep
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Sorted by name without account numbers
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Gathering Your Information Entering the Opening Balances Understanding Opening Balance Equity
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Trial Balance for your start date Bank Statements (all accounts) Outstanding Checks and Deposits Open Invoices Unpaid Bills Employee List and W-4 Information Payroll Liabilities by Item Year-to-Date Payroll Detail by Employee Year-to-Date Payroll Tax Deposits Physical Inventory by Inventory Part
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Two Methods◦ Directly Editing the Account ◦ Using a General Journal Entry to Record
Opening Balances
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As the opening balances for assets and liabilities are entered, QuickBooks automatically adds offsetting amounts in the Opening Bal Equity account
Opening Bal Equity will be “closed” into Retained Earnings (or Owner’s Equity).
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Outstanding Checks and Deposits Open Bills (Accounts Payable) Open Invoices (Accounts Receivable) Open Purchase Orders Open Estimates and Sales Orders
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General Journal Entry to enter your year-to-date income and expenses
Summarize the total income and expenses Only for mid-year setup
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Total Tax Due = Collected Tax + Uncollected Tax Uncollected Tax = Tax on Open Invoices Collected Tax = TotalTaxDue – Uncollected Tax
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Setting up payroll in QuickBooks is a lengthy and involved process
See Payroll Setup Chapter
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Set the start date as the Closing Date to Protect your Setup Balances
Backup your finished file
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Multi-User Mode Single-User Mode
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Perform a Complete Company File Setup using the 12-step process
Choose a Start Date Use the EasyStep Interview to setup your
Company File Setup Accounts in the Chart of Accounts
List Gather Your Information for Setting up
Opening Balances Enter Opening Balances Enter Year-to-Date Income and Expenses
![Page 37: 2012. Perform a Complete Company File Setup using the 12-step process Choose a Start Date Use the EasyStep Interview to setup your Company File](https://reader035.vdocuments.mx/reader035/viewer/2022070410/56649ea95503460f94bae1ba/html5/thumbnails/37.jpg)
Adjust the Opening Balance for Sales Tax Payable
Adjust Inventory for Physical Quantities on Hand
Verify your Opening Balances Close Opening Balance Equity into
Retained Earnings Back up the File and Setting the Closing
Date Set up Users and Passwords