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Old 03-21-2017, 01:38 PM   #1
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Default Quickbooks Set up

So in addition to my apprenticeship, with my IT background and skill set I have been charged with establishing an infrastructure for the business. I met my boss at my old job in a control shop, and he went back into business for himself, so we are just now getting back into the game.

So far, I have set up networking (office networks linked up with our home networks so that we can remote in)
A laptop for each of us to work with
A server with a DC that will host our email server once I get a second disk to set up RAID
RDP and VPN so that we can work from anywhere
Time Cards to begin tracking time
Will soon sign papers on a loan to buy into the company and get us legit and paying our taxes
Excel templates for quotes and invoicing to begin digitizing our information.

Now, as I'm putting all of this into place and we have quickbooks installed and can remote into it to work from anywhere, I need the actual program set up, and I there is too much material online. I have already spent hours reading and sifting through it.

All this on top of a Chemistry II class towards an EE and studying code to get my journeyman's license, so I'm impressed that we are keeping it together and making headway.

What should be my next step as far as setting up quickbooks? We don't maintain much in the way of inventory, as we have a couple shops to pick up supplies from locally, but do keep common fittings and devices on our van.

Now, I'm not sure where to go with billing. There are parts, income from mark-up that counts toward revenue and I have familiarized myself with sales tax code for our state.

Where to next to really start using quickbooks?
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Old 03-21-2017, 01:51 PM   #2
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When I started I found someone locally who was willing to get me started. I just paid her for a few lessons and setting up the books
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Old 03-21-2017, 02:18 PM   #3
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You need to set up a Company and then set up an account (bank account).
Then you need to know how to set up vendors and customers.
I would guess you could get it from YouTube or as Dennis says hire a consultant. There are tons of Quickbooks consultants out there who will charge you more than they're worth but will get the job done.
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Old 03-21-2017, 02:34 PM   #4
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The first thing you want to do is setup your Chart Of Accounts. Add your bank account/s, and enter in all the information so that you can do online banking. This will sync your bank account with Quickbooks, it's a great feature.

Do the same with your company credit card/s, set them up in the Chart Of Accounts and link them for Online Banking.

Then you will want to go towards the bottom and possibly add more expense accounts, do it to your liking, however you want it to be split up.

Now you're ready to rock. Whenever you buy something, you do to either Write Checks (if you used your bank account for the purchase) or Credit Cards if you used your card. Enter who you purchased the items from, this company will then go into the Vendor list. Choose Quick Add for this. Then you choose the expense account you want that money listed in. It's very simple.

No when you get paid, you can either do the invoice thru QuickBooks, and it'll already be listed there, you just choose your bank account that the money was deposited into. or if you use a separate program (or paper) for invoicing then just choose Sales Receipt and enter that invoice information into it.

That's pretty much it for using QuickBooks for bookkeeping. You can do a lot more stuff, from inventory to payroll. But the basis for bookkeeping is very straightforward and easy.
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Old 03-21-2017, 03:26 PM   #5
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Online QuickBooks sweeps my business accounts for expenses and so does my bookkeeper.
My bookkeeper has his own and populates that copy with my data.
I only use QuickBooks for estimates and invoicing and receiving payments.
Also, it's a good reporting tool.
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Old 03-21-2017, 04:13 PM   #6
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It sounds to me like you're off to a good start.
I set mine up much like Hax said, and linking up to online banking is a great feature to stay balanced.
As Suncoast said the end of year reporting like P&L reports are invaluable when it comes to tax time IF you enter everything correctly all year.

That's where I (like Dennis and Mike said)would advise you to have a consultation with your accountant or adviser before you go live. That way the data you enter will fall into the right places, like "cost of gods sold" etc.

This here
Quote:
I have familiarized myself with sales tax code
makes me a little concerned. While QB is a great bookkeeping tool, DO NOT try to be your own accountant.
It's been said on here before, we tell DIY's to call an electrician for electrical work, use an accountant for your finances/taxes, it's too important to do yourself. You put the numbers in QB, let the pro take it from there.

Good luck with your new venture.
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Old 03-21-2017, 07:44 PM   #7
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Quickbooks is a very user friendly program but knowing what you want to do with it takes some financial expertise. Usually it's best if you set up your accounts with your accountant, they probably have their own way of doing things to some extent and will want you to do things that way so that they can prepare tax returns and financial statements etc. they way they like to.

To really know what you want to do with QB you really need to know how you want to do your books.
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Old 03-21-2017, 07:47 PM   #8
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Quote:
Originally Posted by splatz View Post
Quickbooks is a very user friendly program but knowing what you want to do with it takes some financial expertise. Usually it's best if you set up your accounts with your accountant, they probably have their own way of doing things to some extent and will want you to do things that way so that they can prepare tax returns and financial statements etc. they way they like to.

To really know what you want to do with QB you really need to know how you want to do your books.
QuickBooks is like Excel. People with basic knowledge and do basic things pretty easily. But people with advanced knowledge can do very advanced things as well. They both scale up with you as you get more knowledgeable about it.
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Old 03-21-2017, 07:55 PM   #9
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Quote:
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QuickBooks is like Excel. People with basic knowledge and do basic things pretty easily. But people with advanced knowledge can do very advanced things as well. They both scale up with you as you get more knowledgeable about it.
Yes and no. For example it's pretty ambitious to want to start tracking inventory right off the bat. Basic bookkeeping yes, job costing maybe, but inventory - pretty rare.

It is a monstrous pain in the ass to go back and re-categorize expenditures after the fact. A little pre-planning would be helpful there and make tax time a lot easier.

Another thing to know about QB, with the installed version you can create as many company files as you want for experimenting and learning. Just be careful you never confuse the others with the real books.
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Old 03-21-2017, 07:56 PM   #10
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BTW nobody hosts their own mail server any more
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Old 03-21-2017, 07:59 PM   #11
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Quote:
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Yes and no.
I stopped reading there and just started daydreaming about cutting your head off and dropping it off of a high roof.
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Old 03-21-2017, 08:04 PM   #12
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Quote:
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I stopped reading there and just started daydreaming about cutting your head off and dropping it off of a high roof.
Sorry bro I didn't mean to be contrary
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Old 03-21-2017, 08:11 PM   #13
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Quote:
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I stopped reading there and just started daydreaming about cutting your head off and dropping it off of a high roof.
Wow what a meanie.
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Old 03-21-2017, 08:15 PM   #14
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I agree with splatz which was partly my point.

It's best to get off on the right foot with QB, rather trying to redo a mistake halfway through the year. Once you change one thing the numbers shift all through he program throwing off all your reports etc.
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Old 03-21-2017, 08:18 PM   #15
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Once you change one thing the numbers shift all through he program throwing off all your reports etc.
And possibly your quarterlies, and then it's costing you a penalty.
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Old 03-21-2017, 08:22 PM   #16
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I never said not to get off on the right foot with QB.

I simply stated the fact that QuickBooks could be a great program for beginners like me who use it for very basic things as well as for very advanced users. And I gave an analogy to Excel which I think is accurate. Many people use just 3 columns in Excel to list their friend's and family's addresses, while other people use it in far advanced ways.

I don't know how me saying that is wrong. But I do know that you two are dead to me for the next 45 minutes
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Old 03-21-2017, 08:37 PM   #17
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Buy Quickbooks Voucher checks and print your checks and paychecks.
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Old 03-22-2017, 12:45 AM   #18
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Appreciate the help so far guys.

We generally purchase items per job and only stock basic stuff like common fittings, common wire and devices. We buy other stuff per-job.

When we build a system for someone we ask them what they want and apply industry standard practices to their requirements to deliver a system that does what it needs to do.

This same principal applies to our accounts. We need to determine the requirements of our system (job costing being a pretty important one to us in order to properly track our expenses) and then deliver these system requirements to our accountant to configure quickbooks for that purpose. I guess this is where I'm going with this thread as I've never used computerized accounting. When I took the classes they were all about hand ledgers.
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Old 03-22-2017, 10:41 AM   #19
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I set up my Quickbooks Pro by myself and got 75% of it right the first time.

I have since found a bookeeper ($30 / hr) very good at it and I use her randomly to help me with new stuff I don't understand (trailers, lift, van, how to rent out my equipment and track that income, etc...). She also helps me reconcile my accounts and add/change things so I can better understand and enter them correctly by myself in the future.

I have been using her 2 hrs per month lately and for what she does its worth $200 per hr for her to explain how to do it and know it's done correct.

I would highly suggest doing the same. For the money you can't beat it and its way cheaper than having an acct do it.

Like others have stated you want to show your chart of accounts to your accountant to make sure it's set up to their liking so they can properly understand and categorize everything for you.
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Old 03-23-2017, 11:51 PM   #20
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Not only that you may have made that mistake numerous times and have to redo alot or that mistake is a mistake on top of a mistake therefore you have to redo it twice...currently in that process.
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