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  • Lela Countryman

How to Set Up Your Business in QuickBooks Online


This week we will discuss how to set up your business in QuickBooks Online (QBO) since a couple of weeks ago we discussed how to do it in Xero. To begin setting up your business in QBO, you will need to have information regarding your business first. The following items need to be collected prior to setting up your business in QBO.

Legal name of your business and Employer Identification Number (EIN)

Financial year end for your business

Sales tax information for filing sales tax returns

Your logo, payment services information and a starting point for your invoice numbers

Once you have signed up for an account within QBO, you will be brought to the Dashboard.

From the Dashboard, you will go to the Gear in the upper right-hand corner and select Account and Settings.

From the Company menu of the left-hand side, you will complete all the details about your business and upload your logo.

Next you will update the Sales menu, here you can customize your forms, set up sales invoice terms, add shipping, set up inventory tracking and create default messages for emailing out invoices and forms.

Under the Expenses menu, you will be able to track expenses and items by customers, make expenses and items billable, turn on purchase orders and set up bill payment terms.

The last menu is the Advanced menu, this is where you will update your accounting information, company type, chart of account settings, automation settings, currency and other preferences. Remember that not all these settings will apply to your business.

Lastly, you will set up your chart of accounts, bank feeds, conversion balances, and input any outstanding transactions that took place prior to getting set up in QBO. This part of the set up will be discussed next week.


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