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You're reading from  Mastering Quickbooks® 2023, Fourth Edition - Fourth Edition

Product typeBook
Published inNov 2022
PublisherPackt
ISBN-139781803243634
Edition4th Edition
Tools
QuickBooksQuickBooks
Concepts
Business Management
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Author (1)
Crystalynn Shelton
Crystalynn Shelton
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Crystalynn Shelton

Crystalynn Shelton is a licensed CPA and small business advisor specializing in financial accounting software training, coaching, and consulting. She has written two Amazon Bestsellers, Mastering QuickBooks 2020 and Mastering QuickBooks 2021. In addition to having experience as a small business owner, she has more than 20 years' experience in providing accountancy consultancy in the entertainment, oil and gas, education, and computer technology fields. Crystalynn is an Advanced Certified QuickBooks ProAdvisor and has taught accounting, bookkeeping, and QuickBooks courses for the last 12 years at the University of California at Los Angeles Extension. When she is not in the classroom, Crystalynn enjoys trying new restaurants and curling up with a good book!
Read more about Crystalynn Shelton

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Company File Setup

Picking up where we left off in Chapter 1, Getting Started with QuickBooks Online, we will show you how to customize your QuickBooks Online (QBO) account through the company preferences. Company preferences allow you to establish how sales and expenses are recorded, how payments are handled, and other advanced settings, such as selecting the start of your fiscal year and which accounting method to use.

Before we dive into company preferences, we will spend some time discussing key information and documents that you need to have handy. This will help you to include as much information as possible; otherwise, you will be missing key details that should appear on customer invoices, documents, and forms that can be produced in QuickBooks. In addition, we will show you how easy it is to edit information in this section whenever you need to.

In this chapter, we’ll cover the following topics:

  • Key information and documents required to complete...

Key information and documents required to complete the company file setup in QuickBooks Online

Before we get into the mechanics of creating your company file, you will need to gather some key documents and answer a few questions first. This information is necessary so that you can customize QuickBooks for your business. Plus, having this information at your fingertips will help you to complete the company setup a lot faster.

The information you will need to know includes the following:

  • Company name: This needs to be the legal name or the business name that should appear on all legal documents and payroll forms.
  • Company contact information: This will include the mailing address, business telephone number, business email address, and website address of the company.
  • Industry: In QuickBooks, you will select the industry that your business falls into. Using this information, a default chart of accounts list will be created for you.
  • Federal tax ID number...

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Picking up where we left off in Chapter 1, Getting Started with QuickBooks Online, we will show you how to customize your QuickBooks Online (QBO) account through the company preferences. Company preferences allow you to establish how sales and expenses are recorded, how payments are handled, and other advanced settings, such as selecting the start of your fiscal year and which accounting method to use.

Before we dive into company preferences, we will spend some time discussing key information and documents that you need to have handy. This will help you to include as much information as possible; otherwise, you will be missing key details that should appear on customer invoices, documents, and forms that can be produced in QuickBooks. In addition, we will show you how easy it is to edit information in this section whenever you need to.

In this chapter, we’ll cover the following topics:

  • Key information and documents...

Key information and documents required to complete the company file setup in QuickBooks Online

Before we get into the mechanics of creating your company file, you will need to gather some key documents and answer a few questions first. This information is necessary so that you can customize QuickBooks for your business. Plus, having this information at your fingertips will help you to complete the company setup a lot faster.

The information you will need to know includes the following:

  • Company name: This needs to be the legal name or the business name that should appear on all legal documents and payroll forms.
  • Company contact information: This will include the mailing address, business telephone number, business email address, and website address of the company.
  • Industry: In QuickBooks, you will select the industry that your business falls into. Using this information, a default chart of accounts list will be created for you.
  • Federal tax ID number: A nine-digit number that identifies...
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Published in: Nov 2022Publisher: PacktISBN-13: 9781803243634
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Author (1)

author image
Crystalynn Shelton

Crystalynn Shelton is a licensed CPA and small business advisor specializing in financial accounting software training, coaching, and consulting. She has written two Amazon Bestsellers, Mastering QuickBooks 2020 and Mastering QuickBooks 2021. In addition to having experience as a small business owner, she has more than 20 years' experience in providing accountancy consultancy in the entertainment, oil and gas, education, and computer technology fields. Crystalynn is an Advanced Certified QuickBooks ProAdvisor and has taught accounting, bookkeeping, and QuickBooks courses for the last 12 years at the University of California at Los Angeles Extension. When she is not in the classroom, Crystalynn enjoys trying new restaurants and curling up with a good book!
Read more about Crystalynn Shelton

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