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    Rada Assignment

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    Riuben James
    QuickBooks is accounting software developed by Intuit for small and medium-sized businesses. It allows users to track finances, manage bills and payroll, and generate financial reports. While easy to use, it requires basic accounting knowledge. The document outlines the step-by-step process for creating a company file in QuickBooks, including entering company information, customizing settings, and setting up additional features like inventory tracking and multiple currencies.

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    Rada Assignment

    Uploaded by

    Riuben James
    53 views2 pages
    QuickBooks is accounting software developed by Intuit for small and medium-sized businesses. It allows users to track finances, manage bills and payroll, and generate financial reports. While easy to use, it requires basic accounting knowledge. The document outlines the step-by-step process for creating a company file in QuickBooks, including entering company information, customizing settings, and setting up additional features like inventory tracking and multiple currencies.

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    QuickBooks is accounting software developed by Intuit for small and medium-sized businesses. It allows users to track finances, manage bills and payroll, and generate financial reports. While easy to use, it requires basic accounting knowledge. The document outlines the step-by-step process for creating a company file in QuickBooks, including entering company information, customizing settings, and setting up additional features like inventory tracking and multiple currencies.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    53 views2 pages

    Rada Assignment

    Uploaded by

    Riuben James
    QuickBooks is accounting software developed by Intuit for small and medium-sized businesses. It allows users to track finances, manage bills and payroll, and generate financial reports. While easy to use, it requires basic accounting knowledge. The document outlines the step-by-step process for creating a company file in QuickBooks, including entering company information, customizing settings, and setting up additional features like inventory tracking and multiple currencies.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Rada, Riuben James C.

    1 What is Quickbooks?

    QuickBooks is a package of accounting software that Intuit develop and market.


    QuickBooks products are intended primarily for SMEs and offer on-site accounting applications
    as well as cloud-based versions that accept business payments, manage and pay bills and
    payroll features.

    Accordingly, it is developed by Intuit and is considered to be one of the most


    popular accounting software used in the United States. Accountant Edition Quickbooks is a
    multi-user edition and can accommodate 5 users simultaneously.

    Furthermore, it is easy to use and it does not need higher accounting knowledge
    and skill. It only needs basics of accounting and also presence of mind. It provides essential
    skills in order to generate financial reports using Quickbooks.

    2 What are the steps in creating company in Quickbooks?

    The following are steps in creating company in Quickbooks:

    1. Go to File> New Company


    2. Click <create a new company>.
    3. On the Quickbooks set up window, click<detailed start> button. Enter the necessary
    informations provided by the book.
    1. Company name(enter your name)
    2. Legal name: Sample Enterprise
    3. Tax ID: 16-9998883
    4. Street Address: 124 Mountain Ave.
    5. City(your City)
    6. Country: Other
    7. Phone no.: 3001234
    8. Email(your email)
    9. Click <next>
    10. Enter wholesale Distribution and Sales <next>
    11. Select Sole Proprietorship as Company Organization <next>
    12. Select the first month of the fiscal year then <next>
    13. Create your own password <next>
    14. Save your Quickbook file by selecting document(usually Drive D) then <save>
    15. In this area, you will now customize your Quickbooks environment by clicking
    <next> and answering:
    16. What do you sell? Product only.
    17. Do you charge sales tax? No.
    18. Do you want to create estimates in Quickbooks? Yes.
    19. Tracking customer orders in Quickbooks? Yes.
    20. Using statement in Quickbooks? Yes.
    21. Using progress invoicing? Yes.
    22. Tracking inventory in Quickbooks? Yes.
    23. Tracking time in Quickbooks? No.
    24. Do you have employee? No.
    25. At this moment, Quickbooks will ask to set up your Chart of Accounts then click
    <Next>
    26. Select a date to start tracking your finances: use the Current Date. Then, set the
    date on the first day of the current month.
    27. Review income and expense accounts. Uncheck everything and <next>
    28. <go to Setup> Quickbooks will ask you for additional infos about your vendor,
    customer and item. You will add it later on but at this moment, just click <start
    working>
    29. Go to homepage by clicking <HOME>. You can customize everything and also
    customize shortcuts.
    30. Quickbooks has many window functionalities that help users in managing
    financial data. To view the window list just click <View> Open Window List
    (location: right side of the screen.)

    There are also steps in customizing Preferences, and here are the following guidelines:

    1. Go to Edit> Preferences

    2. On the left column, click <Items and Inventory>

    3. Click Company Preference tab. Then uncheck the Inventory and purchase
    orders are active. Click <OK>

    4. A warning message will appear, click <OK>

    5. Click HOME.

    6. Go back to Edit> Preferences and enable it again to check the Inventory


    and purchase orders are active.

    There are also steps to set up multiple currencies. Here are the following guidelines:

    1. Go to Edit> Preferences and click Multiple Currencies.

    2. Click Company Preference tab.

    3. Select Yes, I use more than on currency radio button.

    4. A message will appear, click <Yes>

    5. View more Currencies, select Philippine Peso and a message will appear then
    click <make it active> then click <yes>.

    6. Click <OK>, a warning will appear and click again <OK> then click HOME

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