Prelims Flashcards
Is where you store your company’s financial records in Quickbooks
Company File
Double click tha desktop shortcut that quickbooks created during installation to launch the program
Desktop Icon
The fastest way to open quickbooks
Windows taskbar
Without a desktop icon, you can launch quickbooks from the
Start menu
The best option if this is your first time creating a company file
Express Start
This option launches the EasyStep Interview window, which asks for more information on each screen than Express Start does
Advanced Setup
This button covers the rest of the bases
Other options
The name you want to appear on invoices, reports, and other forms
Company Name
Based on your choice, quickbooks adjust its settings and chart of accounts to match how your business operates
Industry
The tax form you use depends on the type of business entity you have
Company type
This drop down list contains the most common types from sole proprietorships and partnerships to corporations and non profits
Company type
This box is for the federal tax ID number you use when you file taxes
Tax ID
This is the name you use on contracts and other legal documents
Legal Name
Enter your mailing address, telephone number, email address, and website address, if you have one
Contact info
This tab is purely informational
Features selected
This tab lists accounts typically used in your industry
Chart of Accounts
This tab shows the path on your computer where the program plans to save your company file
Company file location
Guides you through the setup process, but it gives you more control over setting up your company file than Express Start does
EasyStep Interview
The first screen wants to know the name of your company, its legal name, tax ID, and your contact info
Name and contact info
On the “select your industry” screen, choose the industry closest to yours
Industry
On the “how is your company organized? “screen, select the option for your company type
Type of company
This setting determines which tax form, accounts, and tax form lines you’ll use to prepare your business tax return
Type of company
On the “select the first month of your fiscak year” screen, quickbooks automatically sets the “My fiscal year starts in” box to january because so many businesses stick with the calendar year for simplicity
First month of fiscal year
The administrator can do absolutely anything in your company file
Administrator password
Is where you tell the program whether you generate statements to send to customers
Using statements in quickbooks
Select yes to tell the program that you want to use invoices, which you probably do because invoices are the most flexible sales forms
Using invoices in quickbooks
Asks whether you plan to write checks to pay bills immediately or enter bills in quickbooks and then pay them later
Managing bills you owe
Is the screen where you tell the program whether you keep track of the products you have in stock
Tracking Inventory in Quickbooks
Ideal if you bill by the hour
Tracking time in quickbooks
Gets you going as quickly as possible by asking for the minimum amount of info
Express Start
You can use it to open an existing company file or to convert existing records
Other options
