QuickBooks set up

The QuickBooks set up goes beyond entering the QB disc or downloading the software in the computer.  Two of the most important aspects of QuickBooks set up are:

Chart of  Accounts

The set up involves properly establishing a chart of accounts.  Although there is the choice that QB provides for a standard chart of accounts depending on the nature of the business, however further customization is recommended.  A chart of accounts is the list of the accounts used in the general ledger and they are the skeleton of the accounting system. We have a solid understanding of accounting and are specialists in QuickBooks desktop and online. Consistency,  as an accounting principle has to be reflected in the setting up of the accounts, which means that the information can be compared from one year to another or over a multi-year period.   By the same token, the list of accounts should not be cumbersome with repetitions, duplicates or unintelligible terms.  They should be manageable, reflecting  the categories which are needed for the business and the reports it uses.

Items

The basic definition of items in QuickBooks is that they are the things you buy, you sell, assets you own, type of services you provide, etc.  They are useful for filling out forms in QuickBooks, such as creating invoices, bills, preparing purchase orders, among others.  You can decide how much level of detail you want to show in the forms you use by choosing a detailed or a summarized description when setting up the item.  For instance, if you sell carpets, you can set up one single item or you can break the items down depending on the carpet style, such as, plush, textured or friezes.

Items have to be set up carefully as they handle the behind-the-scenes accounting. When an item is created is linked to an account.  The account has to be properly connected to the item, for instance, if the item is a service type, then the account should be in the income category.

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