Accounting is often one of the most challenging aspects of running a small business. Processing your company’s finances requires complete accuracy and security as you handle the sensitive information of your business and your employees. With the strict requirements of financial exchanges, it’s important to incorporate reliable accounting software into your small business.
QuickBooks is the most popular accounting software solution for most small businesses operating in the United States. If you’re new to QuickBooks accounting, Fourlane can help you get your bearings.
Below we walk you through the initial setup steps and give you a few Quickbooks tips to get you started.
Installing and Setting up QuickBooks for the First Time
After you successfully install your account, the first step in setting up QuickBooks for the very first time is to configure your preferences and company settings.
QuickBooks conveniently allows you to personalize the look and layout of your site so it will benefit you specifically and become tailored to focus on your priorities.
- To start, choose if you want the site in business view (this is for business owners with little to no accounting experience) or in accounting view (for those who have accounting experience).
- Next, you can move and resize the displayed charts and graphs to fit your personal preferences.
- If you use third-party apps like Etsy or Paypal, you can easily connect them to your QuickBooks account to see your finances in one place.
If you struggle at any time with the setup process, you can press the help icon in the upper right-hand corner which will put you in contact with live QuickBooks experts who can walk you through the process. If they don’t respond quickly, Fourlane’s support services can help you.
How to Set Up a New Company File in QuickBooks
The second step in your initial setup process involves creating a new company file. Start by adding the details of your company to your QuickBooks account. Be sure to add your:
- Business address (this is important for specific state tax information)
- Business phone number
- Company logo
- Important tax information
- Specific industry type
Once you have added all of this, you must link your bank accounts and bank cards to your QuickBooks account.
Complete setting up your company file by adding other users and specifying what permissions you give them. Doing this will ensure your account is secure and only a select few people can access your financial information.
Managing the QuickBooks Chart of Accounts
Your QuickBooks Chart of Accounts is the main page where you can see and monitor all of your transactions and finances. You can start by deciding how you’d like to organize this page.
Here you can change the order that accounts appear on the page. Move accounts that take priority to the top of the page, and move less urgent accounts further down. You can also create account categories, such as liabilities, expenses, assets, and income.
Next, in your chart of accounts, decide what type of tracking you would like to use. You can either track the account’s complete balance or the total transactions that occur in that account in a specific time period, such as a month or a year.
The chart of accounts page is helpful because you can easily see:
- The balances in all your accounts
- Where you owe money
- How much money you owe
- The value of your assets
If you want even more detailed tracking, you can create sub-accounts to track more specific expenses.
Recording Transactions
Recording every transaction your company participates in is vital to understanding how your company fares financially. Start by going to the home screen of your QuickBooks account and selecting “Get Paid” and then “Customers” on the following screen.
Here you can input new customers and their payment information, or work with an existing customer account. When adding a new customer, add their name (or business name) and basic information like their address. Likewise, you can do the same for your vendors.
You can continue personalizing your business’ transactions with customers and vendors by:
- Adding pay online options for invoices
- Setting up instant deposit
- Deciding if you want to combine daily deposits (so you only have one deposit every day going to your bank)
In the transactions section of QuickBooks, you can seamlessly keep track of everything, including invoices, sales receipts, and purchase orders. If these occur on paper, outside of QuickBooks, you can enter these transactions to see them in your account.
All of these features allow you to have complete control over your finances and see every single transaction your company is involved in. This allows you to quickly identify mistakes and errors, as well as avoid falling into debt or forgetting about important payments.
How to Generate Reports in QuickBooks
QuickBooks allows you to run and see various reports so you can constantly monitor your company’s financial status. When you visit the reports section of QuickBooks, you will see reports broken into different sections, such as:
- Favorites (the ones you use most often)
- Who Owes You
- Sales and Customers
- What You Owe
From this screen, you can run other reports to see profit and loss statements, compare specific time periods, or even customize reports that consistently and easily display exactly what you need to see.
Let Fourlane Help You
As your small business discovers the need for reliable accounting software, it’s time to look into QuickBooks accounting services. Embrace efficient accounting practices to ensure your business runs smoothly—and avoid costly financial mistakes that could impede your progress.
Using QuickBooks for the first time may seem daunting, but not when you have Fourlane to help you. Reach out today and see how Fourlane’s QuickBooks accounting services and our detailed advanced tutorial videos can guide you through QuickBooks to ensure your business experiences success.
