How to create a new company file in quickbooks tutorial for beginners

okay so when you're going into a QuickBooks you have to make sure that you set up a company file now you're going to have a different company file for each different business that you may run so let's say uh you have uh maybe some real estate and maybe have a small business that you run from your home I would really set up two separate company files they're really two different entities and you want to keep those separate okay so we're going to go through the interview process here we're going to pick on file new and you can see we can start the interview now you can also import the data from other accounting software as you can see uh we're going to pick on start interview and go through the interview process so you give your company a name and if that's the same legal name that'll show up there otherwise you can change that you give it a tax ID F this basic information whatever information you have um there's not too many things that are required here only the top field the company is actually required so what do you have in there if you're going to send emails then you want to be able to uh put an email address in there and you can put your company website to pick on next then you're going to pick the type of uh industry that you're in and you can see we have a pretty comprehensive list here now if you don't find the exact one that you're looking for uh then find the closest match for example I'm going to fill in a Information Technology computers and software and depending on what industry that you pick here it's going to change your chart of accounts and different settings within QuickBooks uh so uh what kind of what is your company organization sole proprietorship LLP LLC a C corporation so might even be helpful to have your accountant or your bookkeeper around when you uh set up the screens when is your fiscal year starts mine starts in January obviously you can pick a different month uh I would recommend that you put a password uh so that not everybody can go into your um into your data and then of course I want you to verify that you're going to type in the exact thing it is case sensitive now um if you just had skipped the interview process those screens would have still come up we're going to create a company file and then uh it has a default folder um that gets installed when you install quickbox but you can really put it in any folder but I'm going to put it into the default folder and now it's going to set up the company file like I said all of those questions would have still occurred even if you had skipped the interview now every question after at this at this point will be what occurs uh when you actually pick the interview so we'll pick on next here uh do you sell products or services or both products and services I'm going to pick both of those do you sell products online do charge sales tax uh actually in my state when I sell computer consulting services that is not taxable but if I sold a computer then that would be taxable so you have U so you want to keep track of that and QuickBooks will help you do that do you want to create estimates so uh we can do proposals or bids and QuickBooks in in a future video I'll show you how to do that using sales receipts uh yes I I make sales uh receipts so like I said if you have your book keeper or your CPA they would be able to help you with these questions uh do you want do I want to use statements yes I do progress invoicing means let's say um you accept partial payments or monthly payments that would be called progress invoicing so I'm going to say yes there uh managing bills do I want QuickBooks to manage my bills yes do I print checks yes I do right so later on in a different video we'll we'll print checks do I want to track inventory yes so you know the answers to these questions it might be a little bit different for you do you accept credit cards uh yes track do you want to track time in QuickBooks yes so you're just going through the screens do we have employees let's say we have W2 and 1099 and uh do you track multiple currencies if you're doing uh business outside of the United States or outside of your country I'm going to say no now it's going to talk about the chart of accounts based on the answers to those questions it's going to set up some default chart of accounts and you'll be able to change these later on when's my fiscal year start let say January 1st um would you like would you like to add a bank account yes I would so I'm just going to say uh the name of the account here is business checking the account number is anything I mean you want to put your real account number now for the routing number it actually needs um a real routing number it doesn't let you go by without a real routing number here so I'm actually going to read this from a check from my bank and uh type it in so that is my actual routing number but that is not my actual accounting number but of course you would put the information in there um when did you open up this account before January 1st okay uh you can put a balance in so let's say that um the current balance is $10,000 this is a round number and it says do you want to have another banking account I'll say no you can have as many as you wanted to and now here's the chart of account so again it's always a good idea to have a bookkeeper or an accountant uh help you with this but uh you can always add these later on but here I can actually just check these or uncheck these to add them right from the screen it makes it a little bit easier all right so um let's say I have a health insurance workers comp professional liability all right miscellaneous postage I might as well add these right in here it's really easy to do so and then we can always uh change these later on well there'll be another video about that all right so I'm going to pick on uh next here and now uh we're done with the interview process so that really is going to be the first thing that you want to do within QuickBooks now now what happens here is when you open up that company for the first time it opens up in coach mode so here in coach mode you can um look at different trainings and different videos I'm going to close that out if you wanted to um if you wanted to get coach mode again you can you can get it from the screen over here otherwise I'm going to minimize that and now we're actually set up um our all these answers set up the company file and now we are ready to go with QuickBooks