Question

What important feature in QuickBooks is used to create a new company and what does it entail? When are customers, vendors, and item lists added in the process?

Answer 1

The important feature in QuickBooks that is used to create a new company is the QuickBooks menu which has the option to select File. Once you click on ‘Select File’, you will have an option for ‘New Company’. A QuickBooks Setup dialog box would be opened. All you have to do is to click on ‘Express Start’. Then, the name of the new company should be entered. The company’s name should be the legal name. Then, you need to enter the industry in which the new company operates. The company type such as proprietorship, partnership, etc need to be entered. Other details such as Tax ID, address, chart of accounts are entered. Then, there is the option to change the location of the file path in which the new company file was created. It could be changed according to the user’s preference.

Once all of the company details are entered, a screen would display

- Add the people that the company does the business with such as vendors and employees. The data can either be imported from an excel sheet or entered manually or imported from other websites such as Google, Yahoo.

- Add products and services that the company sells – Product or item list need to be entered in this option.

- Add the bank accounts for the business transactions. – All bank account details are entered in this screen.

Thus, it is pertinent to say that QuickBooks is a great tool to create a new company file which contains important details such as the name, address, products, vendors, customers, etc.