How to setup QuickBooks online?

QuickBooks which is an accounting software has been developed for small and medium-sized businesses so that they can manage their business data without much hassle. In this article, you will learn about instructions for QuickBooks setup, a checklist for the setup as well as how can you add products and services in it.

What is the QuickBooks Online setup checklist?

Before getting started to setup QuickBooks for the first time, you need to keep a few things handy in order to avoid hurdles during the process. Here is a checklist for the same:

  1. You will be required to enter the name of the company, its address, phone number, email address, and so on.
  2. Also, you will need to provide business structure (DBA, C corp, S corp, etc) as well as tax ID
  3. You will be asked if you wish to do accounting on a cash basis or Accrual basis
  4. QuickBooks setup also requires your bank account numbers and statements
  5. Your credit card account numbers and statements are also required
  6. You need to give details about previous tax forms including Federal, State, Local, Sales taxes, and Payroll taxes along with the tax account numbers
  7. The percentage of state and local tax
  8. Name of the taxing entity for payments
  9. You need to provide the chart of account names that you use for income, other assets, expenses, etc.
  10. You should already select or design a logo for your company, only if you want it to be there.
  11. What are the payment terms you wish to select for customers
  12. If you have any existing customers, then you need to provide their names, addresses, phone numbers, emails. The same is the case with vendors.
  13. You also need to provide all contact info and available payment terms along with the information you want on the invoices to customers.

Detailed instructions to setup QuickBooks online

  1. First of all, you need to sign up for a QuickBooks Online account via
  2. Once you complete the sign-up process, Intuit will log you into QuickBooks Online.
  3. Intuit, by default, displays the Set Up wizard for QuickBooks Online.
  4. On the first page of the first page, you need to provide some basic company information.
  5. After providing basic details and address information, the setup wizard will automatically prepare an invoice form.
  6. This form contains the information to prepare the invoices you send to customers.
  7. After providing the apt details, click on the Save and Next button in the lower right corner of the screen.
  8. When the setup screen opens, you need to provide more information about your company.
  9. Here, you need to provide information such as your industry and company type.
  10. After this, you have to provide answer questions about importing data from a desktop version of QuickBook.
  11. You will also need to decide how you want to handle payroll.
  12. Also, provide details on how you want your customers to pay you.
  13. After this, click on the Save and Next button.
  14. Now, QuickBooks online will search for businesses similar to yours and establishes appropriate options and settings.
  15. Once it finishes the search, you will see a new screen.
  16. Now, it will display your company’s Home page.
  17. It will also open the Create menu to ensure that you know where it is.

The setup process is now complete, after this, you can add additional information accordingly.

How to set up products and services in QuickBooks?   

  1. Open QuickBooks and download the sample Excel file.
  2. After this, you need to organize your spreadsheet to match the sample file by creating column titles and arranging them orderly.
  3. Further, you need to map your spreadsheet by choosing one of the Excel columns for each field.
  4. The content of the column gets imported into that particular QuickBooks field.
  5. Further, you need to review the data and edit it if you wish to make any changes to it.
  6. After this, enter a single product or service into your account and then click New.
  7. Select the type of service; inventory product or a non-inventory product? Is this a bundle of products in a service?
  8. Enter the required details in the Product’s or Service’s column.
  9. In the end, click Save and Close and you are done.

Frequently Asked Questions

  1. How do I set up QuickBooks for the first time?

To set up QuickBooks for the first time, you will have to sign up for the QuickBooks account. Once you complete the sign-up process, QuickBooks setup wizard will open automatically. After this, you need to provide some basic information about your company and followed by this, you need to provide detailed information in various fields to complete the setup process.

  1. How long does it take to set up QuickBooks?

Setting up QuickBooks is easy and will take a few minutes. But it may take up to 6 to 8 weeks to convert and configure all your files and data if you are a first time user.

  1. How do I sign up for QuickBooks online?

    1. To sign up as a new user, go to the sign-up page of QuickBooks.
    2. Now, go the Lists at the top menu
  • Here, you need to select Chart of Accounts.
  1. Further, you need to select the Account drop-down at the bottom.
  2. From here, choose the New option to create a new account.
  3. After this, you need to select an account type and then click Continue.
  • Enter the required details and click Save.
  1. How much does it cost to set up QuickBooks?

If you wish to use QuickBooks Online, then you should note that it has a monthly SaaS pricing structure. There are four pricing plans available from which a user can choose the desired plan. These plans range from $20-$150/month.

  1. How much should I charge for my bookkeeping services?

The charges may vary based on the experience of the person being hired. If a person is hired as a bookkeeper (Data Entry, Excel)     he should be paid $10-35. The senior bookkeeper with some accounting skills should be paid $40-75. On the other hand, a bookkeeper and an accountant should be paid $20-150+.

  1. How do I start my own bookkeeping business from home?

First of all, you need to set some goals on the type of business you wish to start. After this, do some market research on it and do not think to quit your day job right away. After this, practice some skills and if there is a course available for it, then do it. Understand the details about your work and look for a similar mobile app or secure software that will help you. Also, consider the start-up cost you will incur.

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