people © 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Company File Setup 2014

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Topics Choosing a Start Date – Step 1 Creating the Company File – Step 2 Setting Up the Chart of Accounts and Other Lists – Step 3 Setting Up Opening Balances – Step 4 Entering Open Items – Step 5 Entering Year-to-Date Income and Expenses – Step 6 Adjusting Opening Balance for Sales Tax Payable – Step 7

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Topics (cont.) Adjusting Inventory and Setting up Fixed Assets – Step 8 Setup Payroll and YTD Payroll Information – Step 9 Verifying your Trial Balance – Step 10 Closing Opening Bal Equity – Step 11 Setting the Closing Date - Backing up the File – Step 12 Users and Passwords

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. 12-Step Process 1.Start Date 2.Create company file 3.Chart of Accounts and lists 4.Opening Balances 5.Enter outstanding transactions 6.Year-To-Date Income and Expenses (if necessary)

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. 12-Step Process (cont.) 7.Sales Tax Payable 8.Inventory 9.Payroll Lists and Year-To-Date Payroll information 10.Verify Trial Balance 11.Close Opening Balance Equity 12.Back up your file

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Choosing a Start Date: Step 1 Best start dates: – Calendar-Year Basis December 31 – Fiscal Year basis Last day of fiscal year – For a new company First day of the business

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Creating the File: Step 2 Express Start Detailed Start

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Setting Up the Chart of Accounts: Step 3 To set up the Chart of Accounts, we will cover the following: – Account Types – Activating Account Numbers – Adding Accounts – Adding Subaccounts – Removing Accounts from the Chart of Accounts – Reordering the Account List

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Account Types Assets: – Bank – Accounts Receivable – Other Current Asset – Fixed Asset – Other Asset Liabilities: – Accounts Payable – Credit Card – Loan – Other Current Liability – Long Term Liability Equity Income: – Income – Other Income Expenses: – Expense – Other Expense – Cost of Goods Sold

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Activating Account Numbers

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Adding Accounts

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Adding Accounts

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Adding Subaccounts

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Removing Accounts from the Chart of Accounts Deleting Accounts - Option 1 Deactivating Accounts - Option 2 Merging Accounts - Option 3

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Deleting Accounts – Option 1

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Deactivating Accounts – Option 2

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Merging Accounts – Option 3 Select the account you wish to change Rename the account to the account you wish to keep

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Reordering the Account List Sorted by name without account numbers

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Setting Up Opening Balances: Step 4 Gathering Your Information Entering the Opening Balances Understanding Opening Balance Equity

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Gathering Your Information Trial Balance for your start date Bank Statements (all accounts) Outstanding Checks and Deposits Open Invoices Unpaid Bills Employee List and W-4 Information Payroll Liabilities by Item Year-to-Date Payroll Detail by Employee Year-to-Date Payroll Tax Deposits Physical Inventory by Inventory Part

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Entering the Opening Balances: Step 4 (cont.) Two Methods – Directly Editing the Account – Using a General Journal Entry to Record Opening Balances

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Directly Editing the Account

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Using a General Journal Entry

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Understanding Opening Balance Equity As the opening balances for assets and liabilities are entered, QuickBooks automatically adds offsetting amounts in the Opening Bal Equity account Opening Bal Equity will be “closed” into Retained Earnings (or Owner’s Equity).

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Entering Open Items: Step 5 Outstanding Checks and Deposits Open Bills (Accounts Payable) Open Invoices (Accounts Receivable) Open Purchase Orders Open Estimates and Sales Orders

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Entering Year-to-Date Income and Expenses: Step 6 General Journal Entry to enter your year-to-date income and expenses Summarize the total income and expenses Only for mid-year setup

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Sales Tax Adjustment: Step 7 Total Tax Due = Collected Tax + Uncollected Tax Uncollected Tax = Tax on Open Invoices Collected Tax = TotalTaxDue – Uncollected Tax

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Adjusting Inventory: Step 8

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Setup Payroll Information: Step 9 Setting up payroll in QuickBooks is a lengthy and involved process See Payroll Setup Chapter

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Verifying your Trial Balance: Step 10

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Closing Opening Balance: Step 11

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Setting the Closing Date and Backing up the File: Step 12 Set the start date as the Closing Date to Protect your Setup Balances Backup your finished file

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Setting Up Users in the Company File

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Multi-User and Single-User Mode Multi-User Mode Single-User Mode

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Summary of Key Points Choosing a Start Date – Step 1 Creating the Company File – Step 2 Setting Up the Chart of Accounts and Other Lists – Step 3 Setting Up Opening Balances – Step 4 Entering Open Items – Step 5 Entering Year-to-Date Income and Expenses – Step 6 Adjusting Opening Balance for Sales Tax Payable – Step 7

© 2013 The Sleeter Group All rights reserved. Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners. Summary of Key Points (cont.) Adjusting Inventory and Setting up Fixed Assets – Step 8 Setup Payroll and YTD Payroll Information – Step 9 Verifying your Trial Balance – Step 10 Closing Opening Bal Equity – Step 11 Setting the Closing Date - Backing up the File – Step 12 Users and Passwords