QuickBooks is general bookkeeping, accounting, a financing tool that helps users by offering quality reflected services. Also, users can maintain records and transactions in QuickBooks Desktop. With this, you can also record critical accounting processes. If you are a beginner and don’t know how to create a company file in QuickBooks Desktop, then don’t worry at all. This blog will illustrate all the steps that will be useful in creating company files. Because your company file stores all of your financial details and grows with you. However, in QuickBooks, you can also save multiple company files for multiple businesses. Although each business should have its own separate company file.
How to Create a Company File in QuickBooks Desktop
If you want to create a company file in QuickBooks Desktop, then you have to follow some steps such as:
- First of all, you have to open the QuickBooks Desktop.
- When the No Company Open window opens, then click on Create a new company.
- Choose Express Start if you wish to start directly. In this situation, you have to fill in the business details like name, industry, and type. To create your company file. You can also fill up these details later on.
- Select Detailed Start if you want a complete setup so all of your information is already filled from the start.
- Then implement all the instructions given on the screen. This will help you in finishing the setup.
- If you have an existing company file in QB, then give a unique name to the new file. However, this will prevent QB from accidentally overwriting your data.
- When it is over, then you can start working on the QB Desktop.
How to Create a Portable Company File in QuickBooks Desktop
A portable company file will be very useful if you want to share the accounting information or transfer it to another system. However, this tiny version of your company files is small enough to send in an email or put on a USB. Here are some steps that will help you in creating a portable company file in QuickBooks Desktop. They are as follows:
- Firstly, you should open QB with your admin account.
- From the File menu, select Create Copy.
- Click on a Portable company file and then assign a unique name to it.
- This unique name will make it easier for you to differ from your regular company file.
- After that, select a location to store your portable company file.
- Once it finishes, click on the Save option.
Steps to Create a Company File Using an Intuit Account ID
Whenever you create a new company file in QuickBooks Desktop, you may see a notification to log in using your Intuit account ID. This Intuit account ID makes it easier for you to manage your connected Intuit products and services. You can also get a prompt to use your Intuit account ID when you add a user, sign in to MyCompany, or while accessing Intuit User Account Management. To create a company file using an Intuit account ID. You have to follow some steps such as:
- First, you have to create a new company file. Or open your existing company file.
- Then click on I’m an admin, and then select your account.
- Next, you have to enter your email address.
- Choose I’m not an admin if you are not an admin.
- After that, sign in with the admin credentials.
- If you have selected I’m an admin, and I’m the primary person you’ll be prompted to enter your Email or user ID, then enter your Password.
- However, if you don’t have an Intuit account, then create an account.
- If you already have an Intuit account but forgot your login details. Then select I forgot my user ID or password to recover your account.
- Again Sign In with your admin credentials.
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Procedure to Set Up Company File using the Data from Other Files
To set up a New company file using the data from other files follow these steps and move all your existing data to a new company file:
Causes to Set Up a New Company File:
- First of all you should be clear in your mind about the reason to set up a new company file and add your data accordingly.
- Whether you want to keep all the files of different companies in a single file.
- To change the method of tracking inventory.
Make Copies of your Company Balances:
- Then you should keep in mind that all your books are up to date.
- Then click on the “Report” menu and create a copy of your preferred existing data such as balances of your account, balances of your customers, balances of your dealers.
- Then you can customize the reports and print the data in any format from the “Print” option
- You can save the default copy or you can save it as a PDF file.
Exporting previous files to the new company file:
- Then click on the QuickBooks “File” and select “Export”.
- Then select the files or data you want to export and click “Ok”.
- You can also select the location where you want to export or save the file.
- Then open your file or data in Excel sheet and make the necessary edits and save the changes that you made.
Import data to the newly created company file:
- Then follow the steps mentioned above to produce a new company file in QuickBooks.
- Then open the newly made company file and login as an “Administrator”. Click on “Import” to import all the necessary lists such as list of customers, dealers, accounts and other details.
Initial Balances of your Account:
- Then focus on setting up the “Opening Balance”. Click on the “Company” menu and then click on “Accounts” to add your bank and card details for your company.
- Fill up all the information of your bank and card and give a unique name to your account to make it different from other accounts (If you have more than one account).
- You can also make further changes to your account if needed. After all the changes and edits are made, then click on “Enter Opening Balance”.
- You can also choose if you want to enter the details of the previous transactions of your company or not.
Enable different services of QuickBooks for the company:
- Then you should set up your company for online banking.
- You can also avail the “Payroll” services for your company and can also use other QuickBooks features to efficiently run your company in QuickBooks.
- You are ready to use your newly created company file for your business.
How to Create a New Company File in QuickBooks Online
Procedure for setting up your new company file in QuickBooks Online. These step by step procedure will help you to set up a New Company file in QuickBooks Online
- First of all open QuickBooks Online in any browser and add your basic details such as Company name, Company address, Company type, Company logo, phone number, and hit “Next”.
- Then QuickBooks Online would ask for more information such as Industry type, types of product that you sell, the preferred method of payments. Fill in all the information from the drop-down menu and hit “Next”.
- If you have GST registration, then add all your GST information from the GST menu bar.
- Then customize your company from the “Company settings” menu and add your company logo, edit the contacts and names of your company.
- Then add all the terms and conditions of the sales of your company, add all the shipping details of your company and create an email that you might send to all your customers.
- Then add all the bank details required for payment and you can also add the list of vendors, stocks and services, etc in your company and also can further customize your company to give your company file a better view.
The article discusses all the necessary steps to create a company file in QuickBooks Desktop and QuickBooks Online. As you already know that company file plays a vital role. Your company file will record your business transactions and other accounting tasks. So by implementing the above steps you can easily create a company file in QuickBooks Desktop.
Hope the information provided was helpful. But if you have any trouble regarding the problem then contact our QuickBooks Support Service. The team will effective immediately get in touch and help you with the matter. Also, you can get in touch for any help regarding QuickBooks.