How to Use the QuickBooks 2010 EasySetup

After you install QuickBooks 2010, you run an interview to set up QuickBooks for your firm’s accounting. The installation program may start QuickBooks automatically and then start the EasyStep Interview. You can also start the EasyStep Interview by choosing the File→New Company command.

1

The Welcome screen of the EasyStep Interview appears (either automatically or when you choose the New Company command).

The screen provides some general information about setting up a new company within QuickBooks. The screen also provides links — such as the link you can click to get help from a QuickBooks certified advisor.

2

Read through this screen’s information, and then click the Start Interview button.

The Enter Your Company Information page appears.

3

Enter general information about your business in the text boxes.

This information includes your company name and the firm’s legal name, your company address, your federal tax ID number, the first month in the fiscal year (typically January), the type of income tax form that your firm uses to report to the IRS, and the industry or type of company that you are operating (retail, service, and so forth).

4

Click Next.

The Filename for New Company dialog box opens, which suggests a filename for the company data file QuickBooks has created from your firm’s financial information. QuickBooks suggests a default name or a QuickBooks data file based on the company name.

5

Accept the suggested name and the suggested folder location by clicking Save.

Alternatively, you can save the data file into the My Documents folder, which isn’t a bad idea.

6

Answer the series of very specific questions that appear in the EasyStep Interview window, clicking Next after each one.

These questions relate to how you run your business so that QuickBooks can set the appropriate preferences. For example, does your firm maintain inventory? Do you collect sales tax from your customers? Do you want to use QuickBooks to help with your employee payroll? After you answer these questions, the Select a Date to Start Tracking Your Finances page appears.

7

Select a radio button to identify when you want to start tracking your finances.

The day on which you begin using your new system is called the conversion date. Typically, you want to begin using an accounting system on either the first day of the year or the first day of a new month.

8

Click Next.

The Add Your Bank Account page appears.

9

Select the Yes radio button and click Next.

Based on the information that you supply about your type of industry and the tax return form that you file with the IRS, QuickBooks suggests a starting set of accounts — accountants call it a chart of accounts. These accounts are the categories that you use to track your income, expenses, assets, and owner’s equity.

10

(Optional) Remove a suggested account by clicking the check mark to remove it, or add an account by clicking it to make a check mark appear.

You can click the Restore Recommendations button at the bottom of the list to return to the initial, recommended chart of accounts (if you made changes you later decide you don’t want).

11

When the suggested chart of accounts looks okay to you, click Next.

It’s fine to just accept what QuickBooks suggests because you can later change the chart of accounts.

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