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Setting up a new company file

QuickBooks Pro allows you to easily create a new company file, and will even walk you through the se… Show More

QuickBooks Pro 2014 Essential Training

with Jess Stratton

Video: Setting up a new company file

QuickBooks Pro allows you to easily create a new company file, and will even walk you through the setup process. There are different methods to set up your company, from an Express Start to an Advanced Setup option. Learn more about setting up a new company file in this step-by-step QuickBooks Pro video tutorial.
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  1. 3m 4s
    1. Welcome
    2. Using the sample company file
      2m 6s
  2. 4m 39s
    1. A tour of the interface
      2m 35s
    2. Navigating inside each center
      2m 4s
  3. 15m 16s
    1. Opening and closing an existing company file
      3m 2s
    2. Setting up a new company file
      8m 13s
    3. Backing up and restoring a company file
      4m 1s
  4. 22m 38s
    1. Working with the chart of accounts
      5m 12s
    2. Adding bank accounts and credit cards
      3m 0s
    3. Adding service or inventory items
      4m 48s
    4. Setting up sales tax
      6m 26s
    5. Adding vehicles
      1m 52s
    6. Editing company information
      1m 20s
  5. 14m 20s
    1. Setting up the customer profile
      3m 52s
    2. Creating and editing customers
      4m 49s
    3. Importing customers from another program
      3m 48s
    4. Working with leads
      1m 51s
  6. 4m 43s
    1. Setting up the vendor profile
      1m 41s
    2. Creating and editing vendors
      3m 2s
  7. 4m 0s
    1. Creating and editing employees
      1m 55s
    2. Creating and editing sales reps
      2m 5s
  8. 44m 31s
    1. Creating estimates
      6m 42s
    2. Creating purchase orders for vendors
      5m 3s
    3. Entering vendor bills
      1m 25s
    4. Invoicing customers
      4m 36s
    5. Progress invoicing customers
      2m 35s
    6. Entering time and mileage against jobs
      1m 26s
    7. Receiving payments
      3m 20s
    8. Creating sales receipts for cash sales
      1m 40s
    9. Viewing reminders for overdue invoices
      1m 44s
    10. Sending statements to customers
      2m 30s
    11. Entering credit card charges
      2m 25s
    12. Recording deposits
      3m 30s
    13. Paying vendor bills
      1m 58s
    14. Printing checks
      3m 1s
    15. Working with jobs
      2m 36s
  9. 39m 14s
    1. Taking care of refunds
      2m 35s
    2. Handling customer credits
      2m 28s
    3. Voiding invoices and other line items
      3m 24s
    4. Fixing mismatched data
      5m 34s
    5. Working with check registers manually
      4m 9s
    6. Discounts
      2m 30s
    7. Grouping customers to batch invoices
      3m 18s
    8. Deleting and marking items inactive
      3m 53s
    9. Entering statement charges
      2m 15s
    10. Assessing finance charges
      2m 13s
    11. Memorizing transactions
      3m 18s
    12. Reconciling bank accounts
      3m 37s
  10. 12m 24s
    1. Turning on payroll
      2m 16s
    2. Setting up payroll items
      2m 53s
    3. Setting up employees for payroll
      3m 37s
    4. Paying employees
      3m 38s
  11. 8m 0s
    1. Setting up accounts for online banking
      3m 30s
    2. Reconciling online transactions
      4m 30s
  12. 9m 33s
    1. Enabling multiuser mode
      3m 30s
    2. Adding and editing user accounts
      3m 55s
    3. Keeping QuickBooks up to date
    4. Enabling credit card protection
      1m 17s
  13. 9m 4s
    1. Using the Snapshot tool
      2m 49s
    2. Searching for data
      2m 30s
    3. Filtering lists
      1m 48s
    4. Classes
      1m 57s
  14. 11m 38s
    1. Introduction to reports
      2m 51s
    2. Navigating and customizing report data
      4m 9s
    3. Filtering a report
      2m 3s
    4. Memorizing, exporting, and printing a report
      2m 35s
  15. 6m 53s
    1. Setting up 1099 forms
      4m 44s
    2. Closing the books
      2m 9s
  16. 7m 2s
    1. Customizing invoices and forms in QuickBooks
      4m 31s
    2. Setting QuickBooks preferences
      2m 31s
  17. 34s
    1. Next steps

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Setting up a new company file
Video Duration: 8m 13s 3h 37m Beginner


QuickBooks Pro allows you to easily create a new company file, and will even walk you through the setup process. There are different methods to set up your company, from an Express Start to an Advanced Setup option. Learn more about setting up a new company file in this step-by-step QuickBooks Pro video tutorial.

View Course Description

You don't need to be an accountant to know how to use QuickBooks Pro. Learn how to manage the finances for your small business yourself with the Windows version of this powerful accounting package. Jess Stratton shows how to create a new company file and back it up on a regular basis, and then set up accounts, taxes, and inventory items. Once your accounts are established, learn how to create estimates and purchase orders, send invoices, receive payments, and print checks—all the day-to-day tasks that keep your business running. Finally, learn to set up your payroll, integrate with online banking, find data and run reports, and close the books with end-of-year preparations.

Topics include:
  • Setting up a new company file
  • Working with the chart of accounts
  • Adding bank accounts and credit cards
  • Setting up sales tax
  • Adding customer, vendor, and employee profiles
  • Billing customers
  • Receiving payments
  • Handling refunds
  • Recording deposits
  • Paying employees
  • Sharing QuickBooks with others
  • Running reports
Windows QuickBooks

Setting up a new company file

It's very easy to get started in QuickBooks. QuickBooks will walk you through many of the first crucial steps to setting up your company file. From the No Company Open screen, choose Create a New Company. This is going to bring you to the interview process. Now, you can click the blue Express Start button to get signed up right away, but I'm going to click Advanced Setup, because this is going to guide you, step by step, through the entire process of creating a company file. So, let's click Advanced Setup. And the first thing that you need to put in is your company name.

Now, this can be your company name and then the legal name can be what's on your tax forms. Such as, if you use a DBA, which is a Doing Business As. In this case, our company is Two Trees Olive Oil. Now, here's where you put in your tax ID. So, if you're a corporation, then you'll have a Federal Employer Identification Number. If your business is just you, and you don't have anything official set up, then you're considered a sole proprietorship, and your tax ID would be your Social Security Number. You can put in as much or as little as you want, here the only thing that you need to know is that if it has a star next to it, it's a required field, so you'd have to put that in.

Click the blue Next button when you're on set. Here's where you add your industry. Now what this does is it tells QuickBooks what kind of business you have so, QuickBooks can recommend some basic chart of accounts for you. Now, we'll go over those later. And if you can scroll through the list and find something that fits your business that's great, but if can't, don't worry at the very bottom of the screen, there's a General Product-Based Business option and General Service-Based Business. In this case I am going to click General Product-Based Business, because I am Olive Oil company and do sell bottles of Olive Oil which is a product.

However don't worry if you do both, because there are some services that we are going to set up such as tasting parties, so you'll still get the opportunity to set up your service. Click the blue Next button when you've chosen your industry. Here's where you decide what kind of company you are such as a corporation or an s-corp or a sole proprietorship, or a non-profit. Now, this is important because QuickBooks can file and fill out a lot of tax forms for you. And it's important that these are the right forms. So, if you aren't sure what kind of a legal entity you are, you can consult with a lawyer or your accountant.

In this case I'm going to select Sole Proprietorship, click the blue Next button. Now, you can choose when your fiscal year starts. In this case I'll choose the default of January but if for some reason you need to choose a different date you can choose it from the dropdown. Click the blue Next button. Here's where you can put in a password for your QuickBooks company file. This means it'll set up the administrator account as a user and you'll be required to put in this password when you start QuickBooks. Now, you don't have to, and for this course, in case I close and open up QuickBooks later, I'm not going to.

But it's definitely strongly recommended that you password protect your QuickBooks file. To not use a password, which again is not recommended you can just leave this blank and click the blue Next button. We are going to be going over how to set up users in the later videos so don't worry about that either. Now, it's time to actually create the physical QuickBooks company file. Let's click Next and we will be prompted where we want to save the file and what we want to call it. I'm going to save it to my desktop, although this is a browse dialog box so, you could use the Pulldown menu and choose somewhere else to save it.

You can also change the file name. It's going to default the name of your company. You could change it if you wanted to. When you're ready, click Save. And QuickBooks is going to make your company file. You'll see that it doesn't take long at all. So, now you need to answer some basic questions about your business, so that QuickBooks can create a nice home screen. So that you don't look at anything you don't want to use. I'll click the blue Next button. So, now it's asking what you sell. Such as products, which are physical, tangible things. Or services, like lawn mowing and consulting.

In this case, we provide both services and products. Click the blue Next button, here is a simple Yes or No whether you charge sales tax for your products and also do you create estimates. If you don't create estimates and you don't even want to look at that option on your home screen you could just choose No. In this case, I'll choose Yes, it'll also ask you if you choose Billing Statements which is quarterly or optional statements that you want to send to your clients. I 'm going to go over how to do statements in a later chapter, so I will choose Yes. Click the blue Next button and again you choose whether you use progress invoicing.

Progress invoicing can be very useful, so I'm going to turn this on so I can show you in a later video. Also, you keep track of bills in QuickBooks such as bills that you pay vendors. Click Next. I'm going to turn on Tracking Inventory in QuickBooks because I want to show you how to do it when we start setting up our items. Click Next. Also, do you want to track time? So, tracking time can help you bill customers for how long you spend on certain projects. It can also help you pay any hourly employees. So, we'll turn on Time Tracking. Click Next.

Do you have employees? Now, I'm going to be showing you how to set up employees. So, I'll say yes, I have W2'd employees. And I also have contractors that I'll be sending 1099 forms too, I'll be going over all of that in later videos. Click Next. Now, here is where we are going to set up our chart of account. These are all our accounts that contain our incoming accounts, expenses accounts and other things that let us know where we're getting our money from, and where our outgoing money is going towards. Click Next. And, here's where we start choosing a date to track your finances.

Now, this is a very important date because, once you enter the start date for a company, QuickBooks doesn't want you to be able to change it. Now, this is an arbitrary date that simply exists so that you can line it up with your opening balances for all of your accounts. That's what's really important. Your transactions start being line-itemed as of the date you tell QuickBooks you're in business. Anything before that is considered having an existing balance so, you'll need to know what those balances are. For example, if you've been doing business for a while and you already have a business bank account, then you need to know what that current balance is for the bank account, as of the date that you say your company started.

You'll also need to be aware of what and how many open invoices you may have already been sending to your customers. May be you've created those invoices using a word processing document and you've been doing it manually up until now. It's important to note all the opening balances for your customers and bank accounts. So, in this case you could choose the beginning of the year but you could putting your own date. I'll click this button and I'm going to say that my business has been in business since August 8th. Click Next, and here's where we can review some Income and Expense accounts.

Now, these are ones that QuickBooks has already set up for us based on what we said our industry was. You don't have to use any of the ones that it selected. In fact, if you don't want to resale items, you can uncheck this, and you can add more. For example, if you have business licenses and permits as business expenses, you can place a checkbox next to this. So, you can scroll through this list and decide what you want as an expense account or as an income account. For example, if I print flyers a lot for my customers, such as brochures.

I might want to add this account. This Pinting and Reproduction account. Is an Expense account. So, when I line item that expense from my business bank account, I can match it up to a printing and reproduction expense. So, take some time, go through, choose some accounts, and when you're all done, click the blue Next button. It's very important to know that none of these Expense accounts are written in stone. You can hide them, make them inactive, and add more at any time. So, now that we're all done, let's click the blue Go to Setup button, and we'll be continuing with creating our accounts.

So, we've got a company file. It will bring you to this screen, but I'm going to show you that you can just close out of this and start using QuickBooks right away. Let's click the X in the very top right-hand side to close out of the QuickBooks setup screen. We're brought to that home screen I showed you in a previous video. I can see up at the top we're in our Two Trees Olive Oil company. And now we're all set up and ready to go. So, in leader videos, I'm going to show you how to add all those accounts that it wanted you to set up such as a bank account, chart of accounts and adding inventory items. So, let's get started with those.

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