ACCOUNTING QuickBooks is probably the most used and popular accounting software for new and existing ‘Small Businesses’

Accounting Is the RECORDING of the Events of the Business As They Occur in Terms of Dollars. Something happens Source Document –Invoice, Check, Sale, Pay Bill, etc. –PAPER PROOF Journals – chronological listing of events Sales,Purchases, Payroll,General, Production, Cash Receipts, Cash Disbursements

Ledger = Chart of Accounts This is a book where every page(s) separates the EVENTS OF THE BUSINESS into what the business owns, what the business owes, money coming into the business, money going out of the business, and a page which shows owners equity or value of the company. All of this requires that one must label the various journals, ledgers, and then copy out information to produce reports.

QuickBooks QuickBooks is an accounting data base that incorporates all of the traditional accounting records such as journals, sub-ledgers, reports, etc. in such away that one only needs to enter THE EVENT OF THE BUSINESS AS IT OCCURS IN TERMS OF DOLLARS one time and then QuickBooks does everything else – posting to the ledger, preparing reports, etc. Just like a manual accounting set of books one must label all the parts in order to know what the business does. It’s EASY and just requires some common sense and an idea of how to operate the business.

Basic Company Info – appears on EVERYTHING needed

Type of Business for Income Tax

Receivables and Sales Tax

Fill in the blanks – now or later The one thing that I always recommend is that you have a CPA set up or at minimum review the Chart of Accounts. QuickBooks has many sets of accounts for various types of businesses. While these are satisfactory for many businesses and one can always add additional accounts as necessary I like to start with a solid, detailed chart of accounts so as to provide better management information.