QuickBooks Desktop Premier provides growing businesses with robust accounting and financial management tools. Premier unlocks features like payroll, time tracking, and inventory assembly.
The thoughtful setup of your Premier file lays the groundwork for streamlined books and insightful reporting. Follow this guide to get started on the right foot.
## Step 1: Purchase and Install Premier
You can buy Premier directly from Intuit or a reseller like Amazon. Pricing is around $600 for a 1-user license. Additional users cost extra per month.
Once purchased, you'll receive a license key and product number to activate Premier.
Follow the on-screen guidance to install on your Windows computer.
Be sure to download the latest QuickBooks update after installing to get all the newest features and fixes.
Step 2: Plan Your Company File Strategy
Before creating your actual company file, think through how you plan to use Premier. This allows you to optimize the setup for your needs.
Consider aspects like:
- Will you use Premier for payroll?
- Do you manufacture products and need inventory assembly?
- What fiscal year-end is best for your business?
- Will you utilize classes and locations for job costing?
- Do you need progressive billing and time tracking?
Having a setup strategy allows you to maximize Premier from day one.
Step 3: Step Through the Easy Set-Up Interview
When building your company file, you'll input key details about your business:
- Legal name and contact info
- Your industry type
- Accounting method
- Products/services provided
- Fiscal year start and end dates
- Inventory, payroll, and other preferences
Take time to enter details accurately - this forms Premier's foundation.
Step 4: Review and Customize Your Chart of Accounts
Premier comes pre-loaded with an expanded chart of accounts containing over 150 accounts.
Review this chart and customize it for your business needs:
- Add or hide accounts
- Edit names and numbering
- Create sub-accounts for segmentation
- Add account types like subcontractors
A tailored chart of accounts allows accurate categorization of transactions.
Step 5: Set Up Payroll Items
If using Premier for payroll, establish payroll items for taxes, deductions, reimbursements, etc.
Input all details for:
- Federal tax tables and formulas
- State and local tax rates
- Pre-tax and post-tax deductions like 401K contributions
- Company-paid benefits
- Reimbursement items
A thorough payroll item setup prevents issues down the line.
Step 6: Import Historical Data
If switching from another system, import your existing data:
- Use the QuickBooks Conversion Tool
- Import from Excel or CSV
- Import transactions from PDFs
Preserving your financial history provides continuity and compliance.
Step 7: Customize Preferences
Tailor Premier to fit your workflows:
- Set up notifications and reminders
- Customize invoices, sales receipts, and other forms
- Configure billing rates and payment terms
- Set inventory and sales tax preferences
- Build out custom fields and templates
Customization allows you to work intuitively in Premier.
Step 8: Establish User Permissions
Determine who needs access to Premier and their appropriate permission levels.
Control permissions like:
- Full admin access or read-only
- Ability to process payroll
- Access to sensitive financial data and reports
- Permission to modify closed books
With your Premier file created, start leveraging its powerful tools for deeper financial insights! Contact the QuickBooks support number team with any setup questions.