Company File Setup

Accu-Service provides company file setup services based on a flat rate after determining what detail your industry and company specifically requires.

Or, you can create a new company file yourself, using these detailed instructions.

(This setup also works with information that you importing from an old file to a new company file. We suggest that you print this out for your records.)

IMPORTANT STEPS TO FOLLOW PRIOR TO NEW COMPANY FILE

1. Review Accounts Payable and Accounts Receivable aging reports to correct any misapplied payments, credit memos or errors that show a few cents off. Write off any bad debts. Verify all invoices and bills match your physical files.

2. Review Profit and Loss to make sure all information looks accurate. Look for any negative amounts and correct them. Does information look reasonable at a glance? Pick a few accounts and do a spot check on the detail reports.

3. Review Balance Sheet to make sure the account information is accurate. Match payroll taxes payable, sales tax payable, credit cards and loans to the physical statements and files. Do they all match? If not, make sure the interest on the loans and credit cards has been booked through year-end.

4. Print final Trial Balance to use in new company file for beginning balances as of the last day in the fiscal year

5. Print A/R Open Invoice report and A/P Unpaid Bills Report as of the last day of your fiscal year. You will need these to re-enter all of the open invoices and bills in the new file. This is necessary to make the aging reports correct and so you can apply payments or pay bills individually

6. Print Payroll report called “Liabilities by Item” as of the last day in the fiscal year

NOW YOU ARE READY TO SETUP A NEW COMPANY FILE IN QuickBooks®!

1. Go to File:New Company

2. When the Easy-Step Interview comes up, click on next two times until you see “Skip Interview”, then click on this button

3. Enter the company name, address and tax information, then click “Next”

4. The next screen reviews the industries available for you to choose from. Choose “No type” as you will all ready have your own chart of accounts when we import them from the current company file

5. Name the company different from the current file (ex. myfilename 2001) and select where you want to save the file

6. You can read the documentation if you wish

7. Open the “old” company file

8. Go to File:Export

9. Select the list items that you want to bring over into the new company file

10. Name the export something recognizable (it will be an .iif file type) so that you can import them into the new company file easily

11. Go into the new company file, File:Import, then select file where you just saved the exported information and open

Now you can go through all your list information (customers, vendors, employees, items, chart of accounts) and cleanup the information since there is no historical data attached to the names. Now is the time to reorganize your lists and cleanup old clients/vendors!

ENTERING BEGINNING BALANCES FORWARD

1. Use the Trial Balance you printed from the old file and create a general journal entry, dated the last day in the fiscal year to re-create the balances coming forward. (Remember that these are the initial figures. You may have to do a few adjusting journal entries once your accountant completes the tax return). Make sure to make a memo on the first line of the entry to note what you are doing. (Do not enter Accounts Payable, Accounts Receivable or Payroll Liabilities here, as you will be entering individual invoices and bills later!) The remaining balance from the journal entry should be put to Miscellaneous expense – which will be an in and out account in this instance. (This amount will be zeroed out by the AP and AR individual entries.)

2. Run a Balance Sheet for the last day of the fiscal year to compare your results with the old company file report. If it matches, continue onto the next step. If not, double click on any of the figures to get back into the journal entry to correct the figures.

3. Go into Activities:Payroll:Adjust Liabilities. Enter each liability item as of 12/31/00 and what amount was owed. To the right side of the adjustment you will see a button “Accounts Affected”. Open this and make sure that “Do not affect accounts” is selected. When finished, run a Payroll Liabilities by Item report and compare that to the old company file’s report. Make any necessary corrections.

4. Enter all outstanding bills and invoices, but do not use the original invoice detail. Since you have all ready billed the information in the old company file, you do not need to do it again. The purpose of re-entering the data here is for aging only. Use an item called “Balances Forward” which will be linked to the Miscellaneous expense account. All invoices should only have this one item and the total amount in the body of the invoice. Use the same expense account on bills as well. Make sure to enter the exact date when the invoice or bill was entered in the old file.

5. Go into the old company file in QuickBooks® and change the company information section to reflect your new company name of “Yourcompanyname OLD”. This will now appear at the top of the screen so you know what file you are in at all times.

ABOVE ALL ELSE, PLEASE CALL IF YOU HAVE ANY QUESTIONS

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ADDITIONAL NOTES
Additional customization may be necessary to use the system specific for your industry. We specialize in customizing QuickBooks® to fit your needs!

You can order the trial version of QuickBooks® to have a hands-on experience before we come to demonstrate your specific industry for you! Click here to access the Intuit website, then click on free trial on the top right hand side of the QuickBooks® page: Trial Version

We look forward to showing you the most popular accounting system on the market!

*Prices subject to change at any time

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Last modified: March 27, 2014