How to Set Up Company Information in QuickBooks Online
You can follow along on your own QuickBooks Online account. If you don’t have one
already, click here to sign up for a free 30-day trial and follow along below.
Why Is It Important to Set Up Company Information?
It’s important to complete company information because what you provide in this section will affect the contact information that appears on the invoices, sales receipts, and estimates that you send to your customers.
If you don’t complete Company set up then you are more likely to encounter issues. For example, if you send invoices to customers who you expect to mail you a check but you did not set up your contact information in Company Settings, then your invoice will not include your mailing address and your customers will not know where to mail payments to. This will most likely delay payment and result in a cash flow issue for you.
Gather Your Info: QuickBooks Set Up Checklist
Before we begin setting up QuickBooks, you will need to have some basic company information handy and will need to be able to answer a few questions that will help to customize QuickBooks for your specific business needs.
Here is summary of what you will need:
Company Information
- Name
- Address
- Website
- Company logo
- Tax ID
- Company organization (i.e. Sole proprietor, Partnership)
- Accounting method (cash or accrual)
Questions you will need to answer
- What industry does your business falls into? (select from a list)
- What payments terms do you want to assign your to customers? (i.e. Net 30)
- Do you need to create estimates for your customers?
- What payment terms do you have with suppliers? (i.e. Net 30, 60)
- Do you need to create purchase orders?
- What is your accounting year?
- Do you need to track income and expenses for multiple locations?
- Do you need to track income and expenses for multiple departments?
If you don’t have everything on this list or if there are some questions that you don’t know the answer to, no problem. While it does make the set up process go much faster if you have this info handy, it’s not the end of the world if you have to come back and complete some of the info later. The most important thing to remember is that you need to input this information in its entirety prior to entering any transactions into QuickBooks.
How Do I Set Up Company Info in QuickBooks Online?
Below are the step-by-step instructions on how to set up Company Info. Now’s the time to
sign into your QuickBooks Online account, or if you don’t have one, to sign up for a free
trial so you can follow along.
After you sign in, click on the Gear icon located to the left of your company name. Select
Account and Settings right below the Your Company menu column on the far left as
indicated below:
To get started, just click the pencil icon in the upper right hand corner to edit this
information.
Fill in the required details such
- Company Name
- Tax Number
- Contact details
- Address
- Customer address
- Method of accounting
For More details on Quickbooks and setup of Quickbooks. Please feel free to call us.
