QuickBooks Desktop is the leading accounting software for small businesses that want robust features without the cloud. Setting it up properly lays the groundwork for efficient books.
Follow this guide to get your QuickBooks Desktop file established just right.
Step 1: Choose Your QuickBooks Edition
QuickBooks comes in a few desktop editions. Select the one with the features that best fit your needs:
- Simple Start - Track income and expenses. Ideal for solopreneurs and very basic books.
- Pro - Adds the ability to manage inventory, generate estimates, track project profitability, and more.
- Premier - Includes all Pro features plus the ability to process payroll and manage 1099 contractors. Most comprehensive features.
You can always upgrade to a higher edition if your needs change. Once you purchase, you'll receive an activation code to install QuickBooks on your Windows or Mac computer.
Step 2: Install and Update QuickBooks
The installation process is simple. Just follow the on-screen instructions.
Be sure to install the latest QuickBooks updates after installation completes. This ensures you have all the newest features and fixes.
QuickBooks releases an annual major release plus smaller updates throughout the year. Keeping up to date is important!
Step 3: Set Up Your Company File
Now it's time to create your company file where all your business data will be housed.
When creating your file, you'll input key company information, establish user accounts, select an industry-specific chart of accounts, and customize settings.
Choose settings like:
- Accounting method - cash or accrual
- Fiscal year-end start month
- Inventory tracking preference
- Custom fields
- And more
Take your time with the company setup interview to get everything fine-tuned upfront.
Step 4: Import Historical Data
If your business has existing financial data in other software or spreadsheets, QuickBooks offers tools to import that data:
- Conversion tool - Migrate from QuickBooks for Mac or Online.
- Excel or CSV import - Use templates and wizards to import lists and transactions.
- PDF import - Import invoices and bills from PDFs.
Migrating historical data provides continuity and preserves record keeping.
Step 5: Customize Your QuickBooks Preferences
Dial in QuickBooks to fit your workflow preferences:
- Set up email and app notifications.
- Customize forms like invoices and sales receipts.
- Change billing terms and delivery methods.
- Create memos and customize preferences for reporting.
- Establish unique user passwords and permissions.
Tweaking these preferences helps boost productivity by fitting QuickBooks to your existing processes.
Step 6: Set Up Integrations
Integrate QuickBooks Desktop with other business apps and tools:
- Online payment processors like Stripe or PayPal.
- Microsoft Office for syncing data with Excel or Outlook.
- Inventory management tools.
- PoS systems.
- Sales CRMs like Salesforce.
Integrations automate data flow between systems and eliminate double data entry. Identify which connections will be most useful.
Step 7: Establish Workflows
Now it's time to start using QuickBooks day-to-day:
- Set up recurring transactions for bills, invoices, and purchases.
- Establish processes for payables and receivables.
- Create workflows for inventory management if applicable.
- Build out your financial reporting dashboard.
- Set standard procedures for reconciling accounts.
- Train any additional QuickBooks users.
As workflows become established, leverage QuickBooks to its fullest. Consult the QuickBooks support number team for help optimizing workflows.
With that, the QuickBooks Desktop setup is complete! Keep your data organized and access key business insights to drive growth. With smart setup decisions, you'll ensure QuickBooks serves your organization seamlessly for years to come.