Remember that the first step you have to do is setting up your new company file.  There are 2 ways to create your new company file:
1.    Using Express Start, and
2.    Using Advanced Setup.

We are going to discuss how to setup your new company file using Advanced Setup:

1.    After you start QuickBooks application and you don’t have any company file opened yet, a No Company Open window will open. Click Create a New Company button or click File menu > New Company.
A QuickBooks Setup window will open, then click Advanced Setup button.

2.    You will then see the EasyStep Interview wizard, where you can always Leave, go Back, or move to the Next window, by clicking the corresponding button at the bottom of the window.

The first window is Enter your company information, where you enter:
•    Company name (required field) – your business name, i.e. your trade name/doing business as, if you use one.
•    Legal Name – your company’s legal name, if differs from your business name.
•    Street address, City, Province (required field), Postal Code
•    Phone, Fax
•    E-mail address & Website
•    Click Next when you are done.


QB Advanced Setup 1

 

 

3.    The next window is Select your industry, where you can select your business type from more than thirty industries in a drop-down menu.  If your business is not listed, select either General Product-based Business or General Service-based business.

4.    The fourth window is How is your company organised?, where you can select from many types of legal entities of your business: Sole Proprietorship, Partnership, Corporation, Non-profit, Charity or Other/None.

5.    The fifth window is Select the first month of your fiscal year from the drop down menu.  If your fiscal year is January to December, then you should select January.

6.    Set up your administrator window (optional) comes up next, where it’s recomeended you set it up now to prrevent any unauthorized access to your company file.

7.    Create your company file window then explains that your information will be stored in a file called company file.  Click Next to choose your file name and location.

8.    By default, QuickBooks save your file in C:\Public\Public Documents\Intuit\QuickBooks\Company Files\yourfilename.  I know what you think!  That’s why it’s better to create a new folder to save your new company file instead – easier to find your data.

9.    The next window is Customizing QuickBooks for your business, where it will ask you questions about the way you do your business, so the appropriate features can be activated:

  • your industry and what you sell,
  • how and when your customer pay you, and
  • how you pay your bills.

A series of questions and options for your answers will follow:
•    What do you sell?  asks you whether you sell products only, services only, or both.  QuickBooks figure out which income accounts you need.
•    Do you sell online?
•    Do you charge sales tax?
•    Do you create estimate? Select Yes if you need to prepare estimates for your proposals, bids, etc.
•    Do you want to track sales order?
•    Do you use billing statements?  ask you whether you need to generate statements for your customers.
•    Do you use invoice?
•    Do you keep track bills? Ask if you pay bills immediately or pay them later.
•    Do you print cheques?
•    Do you track inventory? i.e. if you need to keep track of the products in stock.
•    Do you accept credit card?
•    Do you track time? Select Yes if you track time (hours) of works and invoice your customers for their time.
•    Do you have employees?
•    Do you track multiple currencies? Select Yes if you deal with additional currencies other than Canadian dollars and you want it to track them.  You then have to select your home currency.   Note that once you selected your home currency, it’s permanent.

10.    You will next see Using accounts in QuickBooks window, where you can set up your chart of accounts.  You need to decide  on the date to use to track your business finance and understand on how yo want to categorize your business income & expenses.
Once done, there will be a Congratulations! in amber colour, which means you have completed the EasyStep Interview.

11.    Click Go to setup button to setup additional business infor, such adding your customers, products & services you sell, and bank accounts, by clicking Add button(s).
If you have no data at them moment, you can skip it and add it on a later date by clicking Start working button go go to QuickBooks Home page.

 

QB Advanced Setup 2