What Happens During QuickBooks 2014 Setup?
After you install QuickBooks, you run an onscreen wizard to set up QuickBooks for your firm’s accounting. Cleverly, this onscreen wizard is called QuickBooks Setup. As you walk through the setup process, you work with QuickBooks to set QuickBooks preferences (which determine how QuickBooks works and which features are initially available) and to set up a chart of accounts and your bank accounts.
The chart of accounts, just so you know, identifies those income, expense, asset, liability, and owner’s equity accounts that appear on your financial statements.
After you complete the QuickBooks Setup, you’re almost ready to begin using QuickBooks. In fact, in a pinch, you could (after the QuickBooks Setup) limp along with QuickBooks.
An important point of clarification: You may think that you should be ready to rock and roll after installing QuickBooks and running through the setup. However, you have two other tasks to complete: Identify your starting trial balance and finish loading your key master files.
The trial balance identifies your year-to-date income and expense numbers, and your asset, liability, and owner’s equity numbers as of the conversion date. The master files store information about customers, vendors, employees, and inventory items that you repeatedly use. For example, the customer master file stores a customer’s name and address, phone number, and the contact person’s name (if different).