Setting Up Quickbooks For Your Business  

Setting up Quickbooks for your business, is a relatively easy task. In this article, we will go through the key points in setting up this popular accounting software.

Setting Up

  1. If you have not done so yet, the first step is to go on Intuit’s site and buy and download the software. Alternatively, you can buy the software from us here, at Salford Chartered Accountants at a discounted rate. We are Quickbooks Chartered Accountants and bookkeeping experts, located in Manchester. We can also advise you on the correct version of Quickbooks to purchase.
  2. You will then accept the license agreement and enter the product and license numbers. These numbers would have been provided on the site, if it was downloaded, or on the back of the box, if it was purchased otherwise.
  3. Quickbooks, then, offers you the chance to start a new account under “I’m ready to create my own Company File.” If you have pre-existing data, it will also allow you to convert the data, through “I want to open an existing Company File.” There is also “I want to see a sample Company File.”
  4. If this is your first time, go to “I want to create my own Company File.”
  5. Enter the name of your business under ‘’Tell us about your business”.
  6. Choose the appropriate industry under ‘Help me chose’.
  7. Choose the appropriate company type, also under “Help me chose”.
  8. Enter your VAT scheme
  9. Enter the VAT number
  10. Then press continue.
  11. Fill in the boxes for the company information.
  12. Then you are ready to go!

Home Page

On the left side of the screen, you will find shortcuts for menu options such as:

Home      Income Tracker     Bill Tracker     Calendar     Search

The Home page shows all the tasks, as well as the workflow you will need to run your business. For instance, under Suppliers, on the Home page, entering bills, paying bills and creating invoices are all connected. You will find the same, in regards to, Customer, Employees and Banking. Clicking on the income tracker will bring up all sales transactions. It will show you the name of the customer, date of the transaction, type of transaction, balance and status of the transaction. You have the option to see the transactions according to the type. Estimates, sales orders, invoices, statement charges and sales receipts are just some of the ways, transactions can be grouped according to type. Transactions can also be grouped according to name, status and date. The bill tracker, is similar to the income tracker. It keeps a track of all your purchases in the same way the income tracker keeps track of your sales. The Calendar is Quickbook’s way of allowing you to view all the transactions and due dates for transactions.  Calendar also allows you to bring up a list of your To Dos. Need to find something you have entered quickly? Entries, dates, forms or transactions, people, all of these can be find with the use of search.   Entering Transactions Quickbooks makes entering transactions very easy. Let us look at some of the transactions you will be entering in Quickbooks. We will use a wholesale establishment in our example;

Sales

  1. We can click on sales order and fill out the resulting form. This way, we can keep track of all the items the customer is buying. Sales orders are useful for partial invoicing, back order tracking or helping you to make a decision when you do not have enough inventory to fulfil multiple sales orders.
  2. We can then click on Create Invoices. We can either create an invoice from a sales order or start with a new invoice. If we are using the sales order, the form will give us the option to create an invoice.
  3. When the customer pays, we can click on Customer payment. This form allows us to bring up the customer’s outstanding invoices. We can then click on the invoices they are paying.
  4. If we have received full payment, then a sales receipt can be generated.
  5. When we are making deposits to the bank, we can click on Make deposit. Here you have a list of the customers and their amounts collected.

Purchases

  1. Enter bills, will allow us to enter all outstanding bills from suppliers
  2. Pay bills will allow us to pay the outstanding bills entered in Quickbooks

Employees

  1. Time worked for each employee can be recorded.
  2. Pay Employee is used to record the pay for each employee for the period.
  3. Liabilities is used to record payroll liabilities and refund from HMRC
  4. Payroll forms such as P45s and P11s can be generated and printed from Quickbooks

Quickbooks can also be used to write cheques, reconcile bank accounts and enter credit card charges. As Quickbooks Pro-advisors, we here at Salford Chartered Accountants are Quickbooks ProAdvisor certified and can assist you in the set-up of Quickbooks. We can also train you and your staff in its use. As Quickbook bookkeepers, we can also do your accounting for you. We are based in Manchester although our professional standards have led us to act for clients up and down the country, in all manner of businesses and we firmly believe we can provide a service second to none.