Welcome to the Fit Small Business QuickBooks Online training course! In this lesson, we’re going to cover how to set up your company information.
To complete this lesson, you can either watch the video below, read through the step-by-step instructions, or do both. If you’d rather save your time and hire a local bookkeeper to set this up for you, click here to find a bookkeeper in your area.
Before we get started with the lesson, it’s worth mentioning that there are affordable virtual bookkeepers that can set-up and manage your QuickBooks for you. They will even help you get caught up if you are behind. For example, SmartBooks offers help with cash flow management, monthly financial statements, payroll processing and more starting at $250/month. Get a free consultation to learn more.
Why Is It Important to Set Up Company Information?
It’s important to complete company information because what you provide in this section will affect the contact information that appears on the invoices, sales receipts, and estimates that you send to your customers.
If you don’t complete Company set up then you are more likely to encounter issues. For example, if you send invoices to customers who you expect to mail you a check but you did not set up your contact information in Company Settings, then your invoice will not include your mailing address and your customers will not know where to mail payments to. This will most likely delay payment and result in a cash flow issue for you.
Gather Your Info: QuickBooks Set Up Checklist
Before we begin setting up QuickBooks, you will need to have some basic company information handy and will need to be able to answer a few questions that will help to customize QuickBooks for your specific business needs.
Here is summary of what you will need:
Questions you will need to answer
- Company logo
- Tax ID
- Company organization (i.e. Sole proprietor, Partnership)
- Accounting method (cash or accrual)
- What industry does your business falls into? (select from a list)
- What payments terms do you want to assign your to customers? (i.e. Net 30)
- Do you need to create estimates for your customers?
- What payment terms do you have with suppliers? (i.e. Net 30, 60)
- Do you need to create purchase orders?
- What is your accounting year?
- Do you need to track income and expenses for multiple locations?
- Do you need to track income and expenses for multiple departments?
If you don’t have everything on this list or if there are some questions that you don’t know the answer to, no problem. While it does make the set up process go much faster if you have this info handy, it’s not the end of the world if you have to come back and complete some of the info later.
The most important thing to remember is that you need to input this information in its entirety prior to entering any transactions into QuickBooks.
How Do I Set Up Company Info in QuickBooks Online?
Below are the step-by-step instructions on how to set up Company Info. Now’s the time to sign into your QuickBooks Online account, or if you don’t have one, to sign up for a free trial so you can follow along.
After you sign in, click on the Gear icon located to the left of your company name. Select Account and Settings right below the Your Company menu column on the far left as indicated below:
There are six tabs located in Account and Settings. The first tab is the Company tab.
To get started, just click the pencil icon in the upper right hand corner to edit this information.
Once you are done editing each of the fields, your screen should resemble the one above for Paul’s Plumbing Co. Here are each of the fields you’ll have to fill out:
1. Company Name/Legal name:
If your company name and legal name are the same, this section should just take a second. If you have a different company name and legal name, be sure to note the distinction.
Upload your company logo:
Upload the logo that you want to appear on your invoices, sales receipts, estimates, and purchase orders. If you don’t have a logo you can have one designed here, or skip the step.
Tax ID or Social Security # – if you have an Employer Identification Number (XX-XXXXXXX), also known as a federal tax ID #, you should enter it in this section. This will be a 9 digit number that is issued by the IRS. However, if you have not applied for a tax ID then the business owner’s social security # (XXX-XX-XXXX) is also acceptable.
2. Contact Info:
Company email address:
The email address that is entered here can be used to correspond with anyone, including vendors, customers and contractors. I strongly recommend that you set up a separate customer-facing email address so that when your customers contact you about billing issues or just general questions their emails do not get lost in your inbox. Learn how you can get a free business email address here.
Customer-facing email (complete if this differs from Company email):
The email address that is entered here will appear on anything that you send out to your customers. This is the email address that they will use to contact you. If you need a business phone number click here.
Company phone number:
The phone number that is entered here will will appear on anything that you send out to your customers. This is the phone number that they will use to contact you.
If you don’t have a website you can leave this blank for now and come back and update it when you do have it up and running. Learn how to easily launch a business website here.
Company Address and Customer-Facing Address:
Similar to what we discussed for email address, it is a good idea to have a separate customer-facing physical address. A couple of reasons why you might want to consider this are:
- If you have a home-based business and do not wish to share your home address with customers
- If you have had some issues with mail tampering then you might want bank statements, customer payments and other important documents to be mailed to a P.O. Box which tend to be more secure.
If you have a legal address that is different from your Company address or the Customer-facing address then you can enter it in the legal address field.
That wraps up the lesson on Setting Up Company Info. The next lesson in our QuickBooks Online Training Course will be How to Customize the Look and Feel of Invoices, Sales Receipts, and Estimates. In this lesson, we will walk thru how to customize the style and appearance of your invoices to give them a more professional look than just the standard default sales forms.
To access this course or any of the others in the series, click here.
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