Checklist of what you'll need to set up a new business in Quickbooks

Michelle_ProAdv · ‎September 26, 2018

Hi Everyone!

I hope to develop a checklist of items you can ask a customer to set up their Quickbooks. Here's what I have sop far. please help me add:

1. Company name, address, phone number, email address, etc.

2. Business structure (DBA, C corp, S corp, etc) and Tax ID

3. Cash basis or Accrual based accounting

4. Bank account numbers and statements

5. Credit card account numbers and statements

6. All previous tax forms (Federal, State, Local, Sales taxes, Payroll taxes)

7. All tax account numbers

8. State and local tax %s and taxing entity name for payments.

9. Chart of account names they use for income, other assets, expenses, equity including owner's.

10. Logo's for company and if they want on their invoices and statements

11. Payment terms for customers

12. Existing customers names, address, phone numbers, emails.

13. Existing vendors and all contact info and available payment terms.

14. Information they want on their invoices to customers.

15. All business locations and if they bill differently such as another state with different sales taxes and taxing entities.

whew, that's a start. What else can we add?

Anonymous · ‎September 26, 2018

Hey @Michelle_ProAdv,

This is an awesome start. To go with #4, what about online bank account information since importing transactions will really help users starting out with their historical data?

View solution in original post

Anonymous · ‎September 26, 2018

Hey @Michelle_ProAdv,

This is an awesome start. To go with #4, what about online bank account information since importing transactions will really help users starting out with their historical data?

Michelle_ProAdv · ‎September 27, 2018

Thank you, James!

Great idea. We need to add all banks and cc online info so we can import and later update and reconcile!

Perfect add on!

ParkwayInc · ‎September 27, 2018

HI @Michelle_ProAdv,

You know that saying be careful what you ask for..... @Anonymous is the secret gatekeeper of all things checklist oriented with Intuit.

QuickBooks Desktop Client File Review Checklist

The link takes you to a massive checklist that all of the things we could think of to go through while evaluating a potential clients file. With your permission, I would like to take you list and add anything that may be missing so I can continue to grow the list for anyone to use. Would that be OK?

Michelle_ProAdv · ‎September 28, 2018

Hi Parkwaylnc!

Absolutey! Add them together and repost for all of us, please!

Glad to know @Anonymous is the list go to person. I love lists and processes. They keep me on track and help me give my best to clients, so I don't miss something!

Thanks for the link. I'm going to check it out now!

Anonymous · ‎September 28, 2018

@Michelle_ProAdv,

Happy to help, and thanks @ParkwayInc for the endorsement. We made a few "getting started list" articles in collaboration with folks like @ParkwayInc:

We'd love to see more!!

bucksbarranch · ‎June 04, 2020

New business owners DO NOT use QB for invoicing or processing credit cards from clients. They do take your hard earned money from your clients but do not give it to you like they said they would. Its beyond the 5 day waiting period , its beyond the 2 day account transaction review, its beyond weeks now! I initiated contact, not them like it should be when they hold your money for no reason with no explanation. I have not got a response as to why they stole my money. They are unreachable. No reply or communication from anyone that can help. DO NOT use them as you will never see your money nor ever get the courtesy of an explanation. They told me my account was clear & ready to process payments. They didn't tell me I would never get the money once they took it from my client.

Teri · ‎June 04, 2020

I would add under #3 which is:

3. Cash basis or Accrual based accounting

4. Cash basis or Accrual based for taxes??

Then would add:

I would ask Fiscal year ending 12/31 or ?

What pay periods they use for timesheets and payroll?

How often do they do billing, monthly or semimonthly?

Michelle_ProAdv · ‎June 04, 2020

Good ideas!

Thank you, Teri

edwarddrt · ‎June 26, 2020

I would add any loan accounts and potentially any fixed assets, especially if the company is not a "new" company, just new to QB.

Also, I would setup equity accounts for each owner showing draws and contributions.

You will also need an item list for items they sell along with existing inventory and basis.

JYcebu · ‎February 17, 2021

This would be good for those just starting the business with no accounting yet. For those who already have business ongoing, you'll also need your open invoices and bills.

19531972 · ‎July 04, 2022

I have an existing vendor who did the start-up electrical and installation of our restaurant equipment. What gl code and how do I set this account up?

Topics

Training

Community

Resources

Checklist of what you'll need to set up a new business in Quickbooks