Creating a New Company in QuickBooks Online for Basic Bookkeeping

Setting up Intermediate Accounting Solutions (IAS) Bookkeeping Services

Throughout this series of exercises we will be using a single company for our example.This should help you understand the process of basic bookkeeping for a single business entity.Jenna Robins has always had the desire to work for herself.  When she graduated from college with her Business Diploma, she knew that at some point in her life, she would want to run her own business.  After gaining some real world experience with other employers, she now was ready to launch Intermediate Accounting Solutions (IAS) Bookkeeping Services.  The one thing that she understood early on was that she couldn’t do everything herself, and so has engaged your services to look after the Bookkeeping piece of her own personal business, while she provides services to her clients.  

Her first goal is to rent some office space where her clients could come to meet with her.  She found the perfect space inside an office building, which would allow her to expand, as she needed.  Her new office is located in lovely Burlington, Ontario, which is a hop, skip and jump away from Toronto when she is ready to grow her practice.She also is purchasing some Computer Equipment to get her started, has signed up her business to be run on QuickBooks Online, printed off some business cards, and started her advertising campaign with some direct mail flyers to let the businesses in the area know she was there.

As Jenna just started out in October 2018, she isn’t yet ready to hire any employees, and so has brought your services on as a subcontractor.Jenna needs to be able to focus on growing her new business and gaining exposure, as well as delivering services to her clients, so she will be looking for you to handle the full cycle of her bookkeeping needs and present her with financial statements or areas of concern as you encounter them.

So let’s begin on the exciting new journey with Jenna and IAS Bookkeeping Services Your required reporting, which will be assessed at the end of this project, is on page 12 of this assignment.  Be sure to complete all of the documented steps. 

Create New Company

1.    Create a new Company in QuickBooks Online with the following information:
a.    Name of Company – YOUR NAME: FIRST LAST_Intermediate Accounting Solutions Bookkeeping 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.    Fiscal Month Start Date_October 1
f.    The Company Address, Legal Address and Customer Address should all be the same as above
g.    Create a new account in the Chart of Accounts called Chequing Account.  It will be a bank account.

There are 3 excel lists that need to be imported into your newly created database for IAS Solutions Bookkeeping Services

2.    Import the Chart of Accounts List 
3.    Import the Customer List 
4.    Import the Suppliers List 

We now need to tweak the database a little, to more accurately work with how Jenna’s business will operate.  In the Company Settings, do the following:

5.    Set the accounting method to Accrual
6.    Ensure that the Home Currency is Canadian, and as she doesn’t yet want to branch into the United States - Do not turn on the multi-currency feature
7.    She is planning to pay her bills to her suppliers usually after 30 days to help her cash flow, so let’s set her Default Bill Payment Terms to 30 days
8.    She wants to collect her payments quickly from her customers however, so let’s set her Default Customer Invoice Payment Terms to 10 days
9.    Jenna’s brain works in MM-dd-yyyy formats, so let’s make sure that her database and all of the reports you provide to her are in that format.