QuickBooks Simple Start in 5 Steps

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QuickBooks Simple Start is the free basic edition of QuickBooks. It is easy to install and learn, and can easily manage any size or type of business organization. These are the steps you will take to setup and use this powerful accounting and money management system.

1. Install Quickbooks Simple Start.

It can be downloaded and installed free from this URL: http://download.cnet.com/QuickBooks-Simple-Start-Free-Edition/3000-2066_4-10608523.html . After the program is installed, there will be a prompt to start the program. Click ‘start now’ to begin company set up.

2. Create New Company File/ Update an Existing Company

The first prompt after start up will be to create a new company file or update an existing company. Select the appropriate option from the start menu. The ‘open a new company’ option will lead to a series of forms asking for information.

Here is the information that you’ll need to provide to set up a new company:

  • Screen 1: Name, address, and other contact information. Click next when all fields are filled in.
  • Screen 2: Business organization type. Is this business, add sole proprietorship, limited or partnership, corporation and corporation type, or non-profit whichever is applicable. When the appropriate business organization is selected, click next to move to the next screen.
  • Screen 3: Billing schedule and tax information. QuickBooks will ask when and how you would like to bill your customers. For example; at the time of service, in instalments, or on credit? The second option on this screen will ask whether sales tax is added, if yes; at what rate. The third option is whether the business provides estimates. All these fields allow QuickBooks Simple Start to identify which forms and fields are necessary for the needs of the company. Click next to move to the final screen
  • Screen 4: Here you’ll save the company set up data. QuickBooks will display a prompt to save the company. Just type the company name into the data box and click save. If you save the company in the ‘save as’ option, it may be difficult to find it at a later date, especially if more than one company is utilizing the program.

3. Set up Accounts

Once the setup interview is completed and saved, there will be a prompt to set up accounts. QuickBooks has preset industry specific accounting charts. They also use the information provided by you in the second step above. It is best to use the basic accounts and delete those that are unnecessary. It allows you to add or edit these accounts at a later date.

4. Set up a Business Bank Account

The next step is to set up a business bank account. Provide the name of your bank, account number, and routing number. QuickBooks will automatically debit and credit the account as revenue and expenses are received or incurred. This information is also used at the time of compiling financial statements, making quarterly reports, and during tax computation and filing.

5. Set up customer and vendor accounts

The final step is to set up customer and vendor accounts. Customer accounts are created for clients or customers that the company is currently doing business with. Vendors include those businesses that the company contracts services from, such as suppliers, consultants, legal experts, or tax advisers.

To add a customer, simply provide the name of the company, amount paid or owed and tax added, if any. Once that information is added, invoices or receipts can be printed and emailed in no time. Vendor information pertains to vendors who are paid by cash on demand as well as any credit accounts.

Once all the above information is added and saved, the business is up and ready to run. It is simply a matter of entering necessary sales and payment information as required. When you start using the program, you’ll realize that it is very interactive and user friendly and all financial information is automatically credited to the appropriate account by Simple Start.

Bernard Roesch About Bernard Roesch

Bernard Roesch is co-founder and Managing Partner of Mission Consulting. Bernard’s background in the early years of his career was spent in the manufacturing sector, making his QuickBooks perspective a unique one – he understands the intricacies of a complex environment and then applies his strategic skills accordingly.