Setting up your company profile is one of the first and most important steps when getting started with QuickBooks Premier. Your company profile contains key information about your business that QuickBooks uses throughout the software. Taking the time to enter accurate details will ensure your QuickBooks Premier experience goes smoothly.
In this article, we’ll walk through the entire company profile setup process in QuickBooks Premier step-by-step. We’ll cover the basics like business name and contact info, as well as more advanced settings like fiscal year and accounting method. You’ll learn the purpose behind each section of the company profile so you can set up QuickBooks customized for your business needs.
Step 1: Open QuickBooks and Begin Setup
To get started, open your QuickBooks Premier software. The first time you launch it, you’ll be greeted with a setup prompt.
- Click on “Create a new company file” to begin setting up your company profile.
- Choose whether you want to save the file on your computer’s hard drive or host it on the cloud with QuickBooks Online.
- When prompted, enter a name for your new company file. Make sure it’s something descriptive to remind you of what the file contains.
- Click “OK” to continue to the EasyStep Interview, the guided portion of setup.
Step 2: Enter Your Basic Business Information
The EasyStep Interview starts by collecting basic info about your company. Here are the key details to have on hand:
- Business Name: Your official, legal business name.
- Industry: The industry that best describes your company’s operations.
- Business Type: Your legal structure, such as LLC, Sole Proprietor, Partnership, etc.
- Tax ID #: Your Employer Identification Number (EIN) or Social Security Number (SSN) if you’re a sole proprietor.
- Start Date: When you legally formed or opened for business.
- Fiscal Year: The 12-month period your business uses for accounting and tax purposes.
- Phone: Your primary business phone number.
- Email: The email address your customers can use to contact you.
- Website: Your business website URL (optional).
- Address: Your official business address.
Providing accurate details helps QuickBooks make better recommendations during setup and keeps everything compliant when it comes time to file taxes.
Step 3: Configure Your Legal, Tax, and Accounting Settings
The next section of the EasyStep Interview focuses on how your business handles legal, tax, and accounting situations. Here are the key settings you’ll need to select:
- Accounting Method: Choose Cash or Accrual based on how you track revenue and expenses.
- Tax Form: Select the IRS tax return form you file each year (Form 1040 for sole props, 1065 for partnerships, etc).
- Sales Tax: Specify whether or not you need to charge sales tax to customers.
- Employees: Check the box if you have employees so QuickBooks can activate payroll features.
- Inventory: Indicate if you sell inventory so QuickBooks can track quantity, value, and sales.
Thinking through these settings upfront ensures transactions flow into the right accounts and tax forms down the road.
Step 4: Review the Summary and Finalize Setup
After entering your main settings, QuickBooks provides a summary of the company profile details you input.
Carefully review the Business Name, Industry, Tax ID #, Fiscal Year, and other info to ensure it’s accurate.
You can use the “Back” button to navigate to earlier sections of setup if you need to change anything.
Otherwise, click “Create Company File” to complete initial setup.
Step 5: Customize Additional Company File Settings
After creating your company file, the EasyStep Interview encourages you to input additional details like your business logo, authorized users, products and services, bank accounts, and more.
However, you can skip additional setup for now and come back to it later. QuickBooks will prompt you to fill in relevant details when you begin entering transactions.
Here are some of the additional company file settings you may want to complete soon:
- Users: Add any accounting staff or co-owners who need access to your QuickBooks company file. Restrict access levels based on user roles.
- Services: Enter the main products and services you sell along with pricing details. This helps with invoicing.
- Bank Accounts: Link your business bank and credit card accounts to reconcile transactions.
- Chart of Accounts: Review the default chart of accounts. Make changes to match your existing bookkeeping structure.
While not required immediately, taking the time to fully build out your company profile helps ensure QuickBooks Premier can handle your company’s operational and accounting needs.
Keep Your Company Profile Up to Date
Your QuickBooks company profile isn’t static—it should evolve as your business grows and changes. Here are some reasons you may need to edit your company profile later on:
- New Business Information: If you change your business address, phone number, website, etc, update the details in your company profile.
- Accounting Changes: If you switch accounting methods or tax forms, alter the appropriate settings.
- New Features: If you start selling inventory or hire employees down the road, enable the corresponding features.
- Company File Issues: If your file is damaged, use the company profile to recreate key details in a new file.
Maintaining an accurate company profile ensures seamless financial management and prevents avoidable errors. Set a reminder to review your company profile annually to catch any out-of-date details. Call Sage contact number now.
And there you have it—a detailed walkthrough of setting up your company profile in QuickBooks Premier! Following this setup guide carefully will ensure you get your company file configured for success from day one. Let the EasyStep Interview and prompts guide you through the process. Before you know it, you’ll have QuickBooks Premier ready to handle accounting, invoicing, payroll, inventory, and more for your business.