QuickBooks for Mac 2014 User’s Guide 6
o Income Tax Form Used — Which tax form do you use for your business's taxes? If you're not
sure, check with your accountant.
o Federal ID — The ID you use on your company's federals taxes.
4 Next you’ll see the “Choose your industry and chart of accounts” window. Select the type of business
that comes closest to describing your company. QuickBooks creates all the accounts that have a
check mark. This is our best guess for the accounts we think you’ll need based on the type of industry
you’re in. You can make changes if you like. If you make changes and want to go back to QuickBooks
suggested accounts, click Default.
Expert Settings
You may need to set some non-standard options while creating your company file. You'll probably only
need these if your accountant has given you specific instructions. Click Finish when you’re done.
o Summary Reports Basis — In QuickBooks, an accrual basis report shows income regardless of
whether all your customers have paid up, and expenses regardless of whether you have paid all
your bills. A cash-basis report shows income only if you have received it, and expenses only if you
have paid them. You can change this later with Reporting preferences.
o First month in tax year — If your company's tax year starts in a month other than January,
select that month.
o First month in fiscal year — If your company's fiscal year starts in a month other than January,
select that month.
o Customers are charged sales tax — Select if you are charging your customers sales tax. Then
create your sales tax items. You can change your sales tax items later on the Items list
o Inventory and purchase orders are used — Select this option if you want to create inventory
part items, write purchase orders, and create inventory-related reports. You can change this later
with Inventory preferences.
o Customer and/or job estimates are prepared — Turn the estimating feature on. When
estimating is on, QuickBooks adds a Create Estimates command to the Customers menu, and an
Estimate button to the Customer:Job list. You can change this later with Inventory preferences.
o Keep track of time — Turns on time tracking in your company file. Track your time and/or your
employee's time by entering hours worked on weekly timesheets or single activity entry forms
(you can use the two forms interchangeably). You can change this later with Time Tracking
preferences.
5 On the final window, you’ll see the location on your new company file. Click OK.
Next steps
Congratulations! You’ve created your company file. Now what do you do? Well, it depends. Here are some
suggestions:
• Have you been in business for a while and are just new to QuickBooks? Then you probably have historical
data for your company that you’d like to enter into QuickBooks. The good news is that you don’t have to go
back to the day you first started your business. But I suggest you do go back as far as the start date you entered
when you created your company file. Gather up everything from the start date to today and enter that
historical information. That way, you’re records for your fiscal year will be complete. You’ll find out more later in
this chapter.
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