1

Setting Up a Company

2

Objective

Using the EasyStep Interview

3

Launching the EasyStep Interview

1. Select the File menu and then select New Company2. The EasyStep Interview window appears 3. To navigate click Next or Prev4. To exit the Interview and retain all changes, click Leave

4

Entering Opening Balances in the EasyStep Interview

1. During the EasyStep Interview, QuickBooks asks you to enter the opening balances for your customers (called Accounts Receivable - A/R) and vendors (called Accounts Payable - A/P) as of your start date

2. The following problems result from entering opening balances during the EasyStep Interview:

QuickBooks posts the opening balances to accounts called Uncategorized Income and Uncategorized Expenses

3. It is best not to enter Opening Balances for customers using the EasyStep Interview

5

Objective

Adjusting Customer and Vendor Balances after using the EasyStep Interview

6

Adjusting Customer and Vendor Opening Balances after the EasyStep Interview

1. Each customer for whom you entered an opening balance will have an Invoice that you must either edit or replace

Edit the Item column to indicate the Items that you sold on the Invoice

Also, change the date to the original Invoice date and enter the Invoice number of the original Invoice

2. Similarly, each vendor for whom you entered an opening balance will have a Bill that you must either edit or replace

7

Objective

Choosing a Start Date

8

Choosing a Start Date

1. Your start date is the day before you start using QuickBooks to track your daily transactions

2. It is also the date for which you have complete information for your opening balances

3. Best start dates Calendar-Year Basis

December 31 Fiscal Year basis

Last day of fiscal year For a new company

First day of the business