Welcome to QuickBooks Premier! Setting up this accounting software for the first time may seem daunting, but it's quite straightforward if you follow these steps. With some careful planning and attention to detail, you'll have QuickBooks Premier configured perfectly to meet your business's needs in no time.
Step 1: Plan Your Company File
Before creating your new company file, take a moment to think about how you want to structure it. Will you have just one company file for your entire business? Or multiple files for different business units or locations? This decision can't easily be undone, so plan wisely! Typically, simpler is better starting out.
Step 2: Install and Update QuickBooks Premier
First, install QuickBooks Premier on your computer. Be sure to download the latest version so you have all the most up-to-date features. Once installed, check for any updates and install them before creating your company file. Starting with the latest optimizations will set you up for success. Call QuickBooks enterprise support number now
Step 3: Create Your New Company File
Open QuickBooks Premier and select “Create a new company”. You'll then be prompted to name your company file and enter basic business information. Take your time here, as this core company information will carry through QuickBooks.
Some key details to have on hand are:
- Your business's legal name and address
- Federal Employer Identification Number (EIN)
- Business type (sole proprietorship, LLC, corporation, etc.)
- Accounting method (cash or accrual)
- Industry type (retail, manufacturing, etc.)
Step 4: Setup Your Chart of Accounts
Your chart of accounts is the backbone of your accounting system. It contains all the accounts you’ll use to categorize transactions. QuickBooks Premier comes pre-loaded with an starter chart of accounts, but you’ll likely need to customize it for your specific business.
Some accounts you may need to add include:
- Bank, credit card and loan accounts
- Income accounts for all your revenue streams
- Expense accounts for things like rent, utilities and payroll
- Accounts for your assets and liabilities
Take the time to think through your business's needs so you can establish a clear and comprehensive chart of accounts from the start.
Step 5: Customize Payroll Settings
If you plan to run payroll through QuickBooks Enterprise, you'll need to configure your settings. Be sure to set state payroll liabilities, workers comp, payroll taxes, payroll schedules and more. Setting up payroll properly from the beginning will save you headaches down the road.
Step 6: Set Up Users and Permissions
If multiple people will access your QuickBooks Premier company file, set up user accounts for each person. You can customize permission levels from full admin access to limited access. This helps maintain security and separation of duties. Make sure everyone has a unique login.
Step 7: Import Historical Data
If you’re switching from another accounting system, import your historical data like previous bank transactions, invoices, customer information and so on. This will enable you to pick up right where you left off with your prior system. A clean data import will ensure continuity in your financial records.
Step 8: Link Bank Accounts
Connect your business bank, credit and loan accounts to QuickBooks Premier. This allows you to easily download transactions and reconcile accounts. QuickBooks supports connectivity with thousands of financial institutions to enable a smooth bank feed set up.
Step 9: Set Up Inventory
If your business sells products, set up inventory items for each product or service you offer. Configure details like cost, selling price, units, SKUs, lead times and more. Detailed inventory tracking helps ensure you have the right items on hand to meet customer demand.
Step 10: Review Your Setup and Go Live!
Before fully launching into day-to-day bookkeeping with QuickBooks Premier, thoroughly review your new company file setup. Verify all accounts, naming conventions, settings and preferences. Doing this quality assurance check will give you confidence in the accuracy of your foundation.
With these key steps completed, you're ready to start using QuickBooks Premier as your central accounting system. Be sure to utilize QuickBooks Premier support resources like online tutorials and webinars to help you get the most out of your software. With a well-configured company file, you have a solid platform on which to operate and grow your business.