company file setup
DESCRIPTION
Company File Setup. 2014. Topics. Choosing a Start Date – Step 1 Creating the Company File – Step 2 Setting Up the Chart of Accounts and Other Lists – Step 3 Setting Up Opening Balances – Step 4 Entering Open Items – Step 5 Entering Year-to-Date Income and Expenses – Step 6 - PowerPoint PPT PresentationTRANSCRIPT
![Page 1: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/1.jpg)
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© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Company File Setup2014
![Page 2: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/2.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Topics•Choosing a Start Date – Step 1•Creating the Company File – Step 2 • Setting Up the Chart of Accounts and Other Lists – Step 3• Setting Up Opening Balances – Step 4 • Entering Open Items – Step 5 • Entering Year-to-Date Income and Expenses – Step 6•Adjusting Opening Balance for Sales Tax Payable – Step 7
![Page 3: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/3.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Topics (cont.)
•Adjusting Inventory and Setting up Fixed Assets – Step 8 • Setup Payroll and YTD Payroll Information – Step 9 •Verifying your Trial Balance – Step 10 •Closing Opening Bal Equity – Step 11 • Setting the Closing Date - Backing up the File – Step 12 •Users and Passwords
![Page 4: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/4.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
12-Step Process
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)
![Page 5: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/5.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
12-Step Process (cont.)
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
![Page 6: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/6.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Choosing a Start Date: Step 1
• 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
![Page 7: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/7.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Creating the File: Step 2
• Express Start• Detailed Start
![Page 8: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/8.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Setting Up the Chart of Accounts: Step 3
• 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
![Page 9: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/9.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Account Types
• 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
![Page 10: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/10.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Activating Account Numbers
![Page 11: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/11.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Adding Accounts
![Page 12: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/12.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Adding Accounts
![Page 13: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/13.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Adding Subaccounts
![Page 14: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/14.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Removing Accounts from the Chart of Accounts
• Deleting Accounts - Option 1 • Deactivating Accounts - Option 2 • Merging Accounts - Option 3
![Page 15: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/15.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Deleting Accounts – Option 1
![Page 16: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/16.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Deactivating Accounts – Option 2
![Page 17: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/17.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Merging Accounts – Option 3
• Select the account you wish to change• Rename the account
to the account you wish to keep
![Page 18: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/18.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Reordering the Account List
Sorted by name without account numbers
![Page 19: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/19.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Setting Up Opening Balances: Step 4
• Gathering Your Information• Entering the Opening Balances• Understanding Opening Balance Equity
![Page 20: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/20.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Gathering Your Information• 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
![Page 21: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/21.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Entering the Opening Balances: Step 4 (cont.)
• Two Methods–Directly Editing the Account
–Using a General Journal Entry to Record Opening Balances
![Page 22: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/22.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Directly Editing the Account
![Page 23: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/23.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Using a General Journal Entry
![Page 24: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/24.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Understanding Opening Balance Equity
• 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).
![Page 25: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/25.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Entering Open Items: Step 5
• Outstanding Checks and Deposits • Open Bills (Accounts Payable) • Open Invoices (Accounts Receivable) • Open Purchase Orders • Open Estimates and Sales Orders
![Page 26: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/26.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Entering Year-to-Date Income and Expenses: Step 6
• General Journal Entry to enter your year-to-date income and expenses • Summarize the total income and expenses• Only for mid-year setup
![Page 27: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/27.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Sales Tax Adjustment: Step 7• Total Tax Due = Collected Tax + Uncollected Tax
• Uncollected Tax = Tax on Open Invoices
• Collected Tax = TotalTaxDue – Uncollected Tax
![Page 28: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/28.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Adjusting Inventory: Step 8
![Page 29: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/29.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Setup Payroll Information: Step 9
• Setting up payroll in QuickBooks is a lengthy and involved process• See Payroll Setup Chapter
![Page 30: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/30.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Verifying your Trial Balance: Step 10
![Page 31: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/31.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Closing Opening Balance: Step 11
![Page 32: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/32.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Setting the Closing Date and Backing up the File: Step 12
• Set the start date as the Closing Date to Protect your Setup Balances
• Backup your finished file
![Page 33: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/33.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Setting Up Users in the Company File
![Page 34: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/34.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Multi-User and Single-User Mode
• Multi-User Mode• Single-User Mode
![Page 35: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/35.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Summary of Key Points
• Choosing a Start Date – Step 1• Creating the Company File – Step 2 • Setting Up the Chart of Accounts and Other Lists – Step 3• Setting Up Opening Balances – Step 4 • Entering Open Items – Step 5 • Entering Year-to-Date Income and Expenses – Step 6• Adjusting Opening Balance for Sales Tax Payable – Step 7
![Page 36: Company File Setup](https://reader031.vdocuments.mx/reader031/viewer/2022012914/568161cd550346895dd1ba1e/html5/thumbnails/36.jpg)
© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.
Summary of Key Points (cont.)
•Adjusting Inventory and Setting up Fixed Assets – Step 8 • Setup Payroll and YTD Payroll Information – Step 9 •Verifying your Trial Balance – Step 10 •Closing Opening Bal Equity – Step 11 • Setting the Closing Date - Backing up the File – Step 12 •Users and Passwords