In the world of accounting, QuickBooks is the most popular and sought after accounting & bookkeeping software. In this post, we will discuss how to setup QuickBooks desktop for first time. This software is largely used by small and medium sized businesses. In order to start using it, it must be set up on the system.
Here are the steps for setup Quickbooks desktop for the first time:
Step 1: Register for QuickBooks Desktop
It takes just one minute to register for QuickBooks desktop. After taking the free trial, you can choose any QuickBooks package.
QuickBooks packages or subscriptions include:
- Simple Start Plan: You can generate invoices, get estimates, and download the bank transactions.
- Essentials Plan: It includes all the features offered in Simple Start plan, as well as access to manage and pay bills and multi-user support.
- Plus Plan: This plan includes all essential features, as well as the ability to track inventory, prepare and print 1099 forms.
With the free online trial, you will be able to take advantage of all these features for 30 days free of charge.
It is required that you use a browser compatible with QuickBooks Online (Chrome, Safari 6.1, Firefox, and Internet Explorer 10 or higher). Once you sign up for the trial, you will be able to access QuickBooks Dashboard.
Step 2: Customize Company Preferences and Account Settings
- You can display a to-do list on QuickBooks Dashboard. When you log in for the first time, you’ll find tutorials that will help you set up different parts of your new QuickBooks account. You will need to set your company preferences after this to move forward.
- Click on the ‘Company tab’ on the top menu, and then click on ‘Preferences’. Fill out or edit your company’s contact details and make any changes you want to your account settings, including invoice automation, credit card payments, and time tracking and payroll.
The version will not pressurize or force you to change these settings if you do not want to.
Step 3: Import business data into QuickBooks desktop for the first time
You will not have to do manual transfers or setups with this new QuickBooks version. It lets you import data, do transactions from bank accounts, import customer data from Excel, and import your Excel chart of accounts.
From the drop-down menu, select ‘More’ and ‘Import Data’ from the ‘Company tab’.
- Moreover, uploading a customer or vendor list is quite easy with this new software, since you will get a variety of options to choose from. You just need to match each field with your QuickBooks field to ensure there are no errors.
- Customer or vendor data, products & services from Excel, charts of accounts from Excel, transactions from your bank, and QuickBooks desktop company data can all be imported to QuickBooks. While importing, you may also encounter a few errors, but these can be easily resolved.
- During this process, you may notice that QuickBooks makes you over-categorize some businesses, but that will help you keep your business more organized.
Step 4: Integrate QuickBooks with your bank accounts
- On the top of the screen, click the ‘Banking tab’ and QuickBooks will automatically connect with your bank account. Click ‘Download Transactions’ to download the transactions.
- A pop-up window will appear where you need to fill in your ‘Bank details’.
- The next step is to ‘Fill in your bank details’ in the pop-up window. You can use your online banking login information and password to sync your account with the software. The software will import all your bank transactions after a few minutes of syncing with your account.
- Finally, you can attach your ‘Customer and Vendor’ names to each transaction so that you can keep track of the credit and debit information.
Step5: Sync Business Credit Cards
- Once you have synchronized your bank account, it’s time to sync your credit card accounts. Ensure that your credit card information appears in QuickBooks. This will prevent you from manually entering your information.
- Click the ‘Banking tab’ on the top menu bar, select ‘More’ and then ‘Register’. You can sync your credit cards in just a few steps by typing your bank account details and selecting the ‘Credit Card Option’ in the pop-up that appears. When you click, QuickBooks will open a setup wizard for setting up your credit cards.
Step 6: With Company Banking, you can Customize your Invoices
- The best way to make sure your customers are impressed easily is to customize QuickBooks invoices with your company logo and branding.
- If you are a QuickBooks user, you will be happy to know that QuickBooks supports ‘customizable invoices’ and is eager to help you do so. Invoices customized in terms of style, color, font, layout, and size. However, users who are ‘QuickBooks Plus subscribers’ can customize them fully only.
- To access the customization menu, click on the ‘Customers tab’ and select ‘Create Invoices’. Make your own invoice by selecting the appropriate invoice template from the drop-down menu. Additional changes also made to the invoice by clicking the ‘Formatting tab‘ and then clicking on the ‘Customize Date Layout’ button.
- Ensure that your logo looks nice and does not get cropp when you use it in the invoice by checking the ‘Use Logo Checkbox’.
Step 7: Import your Contacts into QuickBooks
- QuickBooks makes importing contacts a breeze, ensuring you’re always prepare.
- Choose ‘Company > More> Import Data’, then ‘Customers or Vendors’ (depending on whose data you want to import).
- You can upload the data of ‘Customer and vendor’ in the form of an Excel or CSV file. QuickBooks will extract the information automatically.
- Once you have filled all the data correctly, you can ‘Continue and review’ the data once you have copied it.
First-time QuickBooks Desktop users’ Tips
When setting up quickbooks desktop for the first time, you should follow these tips when using certain tools:
Avoid Estimates & Invoices
If you are a first time QuickBooks user, you should avoid using invoices and estimates until you are completely comfortable with the software. All accounting activities automatically posted when you use these functions. Invoices and estimates can use to make your business QuickBooks account highly accurate once you know how QuickBooks generates amounts.
QuickBooks allows users to sync their accounts with software, however it recommended to keep your business bank account separate from your personal account.
Integrate QuickBooks with payroll software
With QuickBooks, you can do payroll quickly and accurately without having to worry about manual calculations. You can sync payroll software programs with QuickBooks. You will also stay on top of tax laws and other changes by doing this.
If you follow all the steps and tips above, you will be able to setup QuickBooks desktop for the first time in no time and become a QuickBooks master in no time. If you have any questions, please contact our QuickBooks Support experts at +1-800-986-6821. Our QuickBooks Support executives will assist you with installing, updating, or troubleshooting QuickBooks software.