1. 2012

2.  Perform a Complete Company File Setup using the 12-step process  Choose a Start Date  Use the EasyStep Interview to setup your Company File  Setup Accounts in the Chart of Accounts List  Gather Your Information for Setting up Opening Balances  Enter Opening Balances  Enter Year-to-Date Income and Expenses

3.  Adjust the Opening Balance for Sales Tax Payable  Adjust Inventory for Physical Quantities on Hand  Verify your Opening Balances  Close Opening Balance Equity into Retained Earnings  Back up the File and Setting the Closing Date  Set up Users and Passwords

4. 1. Start Date 2. Create company file 3. Chart of Accounts and lists 4. Opening Balances 5. Enter outstanding transactions 6. Year-To-Date Income and Expenses (if necessary)

5. 7. Sales Tax Payable 8. Inventory 9. Payroll Lists and Year-To-Date Payroll information 10. Verify Trial Balance 11. Close Opening Balance Equity 12. Back up your file

6.  Best start dates: ◦ Calendar-Year Basis  December 31 ◦ Fiscal Year basis  Last day of fiscal year ◦ For a new company  First day of the business

7.  Express Start  Advanced Setup

8.  To set up the Chart of Accounts, we will cover the following: ◦ Account Types ◦ Activating Account Numbers ◦ Adding Accounts ◦ Adding Subaccounts ◦ Removing Accounts from the Chart of Accounts ◦ Reordering the Account List

9.  Assets: ◦ Bank ◦ Accounts Receivable ◦ Other Current Asset ◦ Fixed Asset ◦ Other Asset  Liabilities: ◦ Accounts Payable ◦ Credit Card ◦ Loan ◦ Other Current Liability ◦ Long Term Liability  Equity  Income: ◦ Income ◦ Other Income  Expenses: ◦ Expense ◦ Other Expense ◦ Cost of Goods Sold

15.  Deleting Accounts - Option 1  Deactivating Accounts - Option 2  Merging Accounts - Option 3

18.  Select the account you wish to change  Rename the account to the account you wish to keep

19. Sorted by name without account numbers

20.  Gathering Your Information  Entering the Opening Balances  Understanding Opening Balance Equity

21.  Trial Balance for your start date  Bank Statements (all accounts)  Outstanding Checks and Deposits  Open Invoices  Unpaid Bills  Employee List and W-4 Information  Payroll Liabilities by Item  Year-to-Date Payroll Detail by Employee  Year-to-Date Payroll Tax Deposits  Physical Inventory by Inventory Part

22.  Two Methods ◦ Directly Editing the Account ◦ Using a General Journal Entry to Record Opening Balances

25.  As the opening balances for assets and liabilities are entered, QuickBooks automatically adds offsetting amounts in the Opening Bal Equity account  Opening Bal Equity will be “closed” into Retained Earnings (or Owner’s Equity).

26.  Outstanding Checks and Deposits  Open Bills (Accounts Payable)  Open Invoices (Accounts Receivable)  Open Purchase Orders  Open Estimates and Sales Orders

27.  General Journal Entry to enter your year-to- date income and expenses  Summarize the total income and expenses  Only for mid-year setup

28.  Total Tax Due = Collected Tax + Uncollected Tax  Uncollected Tax = Tax on Open Invoices  Collected Tax = TotalTaxDue – Uncollected Tax

30.  Setting up payroll in QuickBooks is a lengthy and involved process  See Payroll Setup Chapter

33.  Set the start date as the Closing Date to Protect your Setup Balances  Backup your finished file

35.  Multi-User Mode  Single-User Mode

36.  Perform a Complete Company File Setup using the 12-step process  Choose a Start Date  Use the EasyStep Interview to setup your Company File  Setup Accounts in the Chart of Accounts List  Gather Your Information for Setting up Opening Balances  Enter Opening Balances  Enter Year-to-Date Income and Expenses

37.  Adjust the Opening Balance for Sales Tax Payable  Adjust Inventory for Physical Quantities on Hand  Verify your Opening Balances  Close Opening Balance Equity into Retained Earnings  Back up the File and Setting the Closing Date  Set up Users and Passwords