Create a New Company in QuickBooks Online for Basic Accounting

Create a New Company in QuickBooks Online for Basic Accounting


Setting Up Accounting Services Using Intermediate Accounting Solutions (IAS)

This set of exercises uses a single company as an example. It helps you understand the process of doing basic bookkeeping for your individual business. Jenna Robbins has always had a desire to work independently. She wanted to start her own business at some point in her life when she graduated with a degree in business administration from her university. After gaining work experience with other employers, she was ready to start accounting services at Intermediate Accounting Solutions (IAS). The only thing she realized early on was that she can’t do everything by herself. She therefore employed your services to manage the books of her own private company while she served clients.

Her first goal is to rent her office space where she can meet with clients. She found the perfect space in her office building to expand as needed. Her new office is located in beautiful Burlington, Ontario, just a stone’s throw from Toronto, ready to expand. She also purchased computer equipment to start her business, listed and ran her own business on QuickBooks Online, printed her business cards, and made her presence known to local businesses. Direct launched her advertising campaign with her email flyers.

Jenna has just joined the company in October 2018 and she is not yet ready to hire staff, so she is working as a subcontractor for your services. Jenna needs to be able to focus on growing her new business, increasing exposure and serving clients, so we can cover the full cycle of accounting needs and present financial reports and problem areas to her at a moment’s notice. I expect you to be able to Please find it.

Let’s start an exciting new journey with Jenna and her IAS Bookkeeper Services. The required report to be evaluated at the end of this project can be found on her page 12 of this assignment. Make sure you follow all documented steps.

Create a new company

  1. Create a new company in QuickBooks Online with the following information.
    a. Company Name – Your Name: First Name_Intermediate Accounting Solutions Bookkeeper Services Inc.
    b. Address – 1245 South Service Road, Burlington, ON L7N 2G5
    c. Phone Number – 905-555-4789
    d HST Registration Number/Business Number – 12654 6789
    e. Start Date of Fiscal Year_1. October
    f. Company Address, Company Address, Customer Address should all be the same as above
    g. Create a new account named “Checking Account” in the Chart of Accounts. This will be your bank account.

I have three Excel spreadsheets that need to be imported into the newly created IAS Solutions Bookkeeper Services database.

2.Import Chart of Accounts List
3.Import Customer List

  1. Importing Supplier Lists

To better understand how Jenna’s business works, we need to tweak our database a bit. Under Company Settings, do the following:

  1. Set your billing method to accrual
  2. Make sure your home currency is Canada and you don’t want to branch into the US yet, so turn on the multi-currency feature Please do not
  3. She will pay the invoice to the supplier, usually within 30 days, to improve her cash flow. Therefore, she sets the standard payment term for invoices at 30 days
  4. However, she wants to receive payment from customers immediately, so she has set the default payment term for customer invoices to 10 days
  5. Jenna’s brain operates in her MM-DD-YYYY format. So make sure her database and the reports you give her are in this format.

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