Setup a Company File in QuickBooks Desktop

In this tutorial we will see how we can create a new company file in quickbooks desktop.

Well, Quickbooks is one of the major accounting softwares which is used around the world to manage the books. It helps in providing the quantitative financial information which is used to make better business decisions.

Well, to create a new company file in quickbooks desktop, open your quickbooks software, and here quickbooks provides us with three options to start from. Under the first option we can create a new company file right away from scratch. And under the second option, we can open or restore an existing company file which means you may already have created your company file and have saved it somewhere which you can select and open with this option and under the third option, quickbooks provides us with some sample company files so that we can have some practice and understand how the software works.

Anyhow, to create a new company file, we can select the first option or click on the “file” in the menu and select “New Company”.  It will open setting up a company file window. And on this window, we are provided with four different options. here we can select a “detailed start” option which will take us through every possible step to create a new company file, or we can select the second option to create a new company file by importing some data from an existing company file. Just select your existing company file and give it a new company name and then click on “create company”, or we can select the third option to convert the data from other accounting softwares to create a company file.

 

Well instead of selecting any of the three, I am going to select the “Express Start” option which is easy and quite convenient for a person who is not an accountant or bookkeeper or CPA etc. On this window the required fields are the ones with the asterisk sign. Let’s I create a fictional company named “Interior Design & Furniture Trading. If you are not sure what your industry is, you can get some help by clicking on this “Help me Choose” link. The quickbooks will give you a bunch of known industries options to select from and it’s because that the quickbooks will set-up a generally default chart of accounts for you related to that specific industry. So instead of selecting any other industry, I am going to select a general service-based industry and then click on ok.

Well, Under the business type field, the business will have its own tax forms if you register it as LLC or corporation. This will separate the business form your own identity which means you will file the business and personal taxes separately. Or you can select sole proprietorship, in which you will do your business as DBA which stands for Doing Business As and will mention your business income as an additional income while doing your personal income taxes. And you surely can change it to LLC or Corporation anytime, when the business Progress or grows.  

And you may already have your Employer Identification Number which you can add here if you want. And it’s totally your discretion to add your business address or not, since I am creating a fictional company file, I am going to fill a fictional address and then click the blue create company button to create the company. 

 

It will take a few moments to create the company file and after creating the file, it will ask you to add the people you do your business with, your products and services, and banking information. We will surely add all of these things later but at this point in time, I am going to click on Start Working now.

 

 

 

Its also letting us know about the new features the company has added to the quickbooks. I am going to close this window too and it’s letting me know where I can find it if I want to see it later.

 

 

 

Anyhow, the company file has been created and we can start working now.

 

 

 

 

 

 

And I hope this will be helpful for someone out there and thanks for watching.