Welcome to QuckBooks For Dummies. Today we are going to show you how to create new company file on QuickBooks Pro. I am using QuickBooks Pro version 2016 on this tutorial. But if you have newer version such as QuickBooks 2018, this guide is still valid. Company File is a project file that holds any information about your company. You can add more than one companies to QuickBooks. We recommend you to read our previous QuickBooks Introduction Tutorial before proceeding to this tutorial.
How to create New Company File on QuickBooks Pro
QuickBooks make it easy to get started. By walking you through the crucial step to create your fist company file and then you can be up and running. To create new company file, please follow these steps below
First, you will need to open QuickBooks software. On the first screen, click Create a new Company button.
Alternatively, you can also do it via File | New Company
Next, click Start Setup button
Step 1. Enter your Email Adress
The first thing to do next is to enter your email address. You must have a valid Intuit account assigned to your email address.
Step 2. Type your Business Name
Business Name is an important part when we create new company file on QuickBooks Pro. Click Continue to proceed to the next step. Now we need to enter our Business or Company details. The information that must be entered is the one with the red asterisk. Type your Business Name on the Business Name field. You can name your business with any name but we recommend you to use your actual business name or company.
Step 3. Select Your Industry
The default Industry is the General Service Based Industry. But, you are free to change it with any industry that match with your business. Click Help Me Choose blue link next to the Industry text box to choose another industry. The reason you want to select industry because QuickBooks can automatically setup preferences and the accounts based on what type of business you have. It is OK if your business is not listed. It is also fine if your business changes or you don’t get it right for the first time. You can always change preferences or remove accounts anytime in the future. So the decision you made here (selecting industry) is not crucial to the success of your business.
If your preferred industry is not in the list, we recommend you to choose either the General Product-based Business or General Service-based Business.
Step 4. Select Business Type
Now we need to select the Business Type. Click the drop down menu and select Business Type that correspond with your business. You can choose from several types. For example: Sole Proprietorship, Partnership or LLP, Single-Member LLC, Multi-Member LLC, Corporation, S Corporation, Non-Profit or Other/None.
You may already have Employer Identification Number (EIN) and you can put it in the EIN field on QuickBooks. This what separate the business from your own identity. The business has its own tax forms while you keep your personal taxing come to yourself. In this example, I choose Sole Proprietorship business type. We can change the business type from Sole Proprietorship to another type as our business grows.
Step 5. Business Address
It is up to you if you want to put your company address or not. But we recommend you to do so.
Finally, you can press Create Company button after all fields are set. Next, you can choose where to save the company file. For example, we put our new company file in My Documents folder.
Give a name to your company file and click Save. Now click Create Company button again.
Its only took few moments to complete. And now, QuickBooks will open a screen where we can learn some more services that QuickBooks offered like Payroll, Check and Supplies. Click Start Working button to start.
Now the QuickBooks main menu is ready.
Create New Company File on QuickBooks Pro is quite easy. This is an important task for QuickBooks to run properly. And also it is an important step to your Business accounting step. Stay tuned to this website and we’ll see you on the next QuickBooks tutorial.