Establishing Your QuickBooks Software

Account numbers are alpha-numeric, free-form, and optional, and are displayed because that option was specified while setting Preferences for this Company file. Activity for Non-Posting accounts is tracked through the Chart of Accounts but this does not affect the General Ledger or the financial statements. Note also the column headed with a lightning bolt. Indented account titles indicate the account is a subaccount of the last account shown that is not indented. Both of these accounts are automatically created by QuickBooks.

When users first open QuickBooks, they will have several choices, among them: 1) create a new company file, or 2) open an existing company file. When the user clicks the Advanced Setup button on the Express Start screen, the Company Information will be displayed. To return to this screen later, click the Company menu and select Company Information. Certain accounts, such as “Accounts Payable,” “Accounts Receivable,” “Opening Balance Equity,” and “Retained Earnings,” are included with each template or are set up automatically when the related feature is activated. The Opening Balance Equity account is used to keep the books in balance during the setup process. QuickBooks uses the fiscal year and tax year information users enter to calculate accumulated earnings and display financial information on reports. Including an administrative password is optional, but highly recommended in practice to protect the entity’s data from unauthorized view and changes. The Express Start button allows you to skip the interview process (older versions of QuickBooks had a Skip Interview button) and enter the minimum necessary to set up the company file.

As the name implies, the FAM Number field is reserved for use by the Fixed Asset Manager (and is therefore unavailable for use by the bookkeeping advisor owner). It then overwrites the information in the Name field, creating its own asset name by concatenating a truncated version of the information in the Purchase Description field and the number it assigned in the FAM Number field. Physical property tags affixed to fixed assets are similarly impacted since they no longer agree with the Fixed Asset Item List either. Intuit has yet to address this problem.

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I'm a qualified professional accountant that just started my very own accounting business so I want to start a website to help keep my potential clients informed for their companies success. I love sports and fitness which means a few posts on those areas will get included.

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