The set up of QuickBooks is basically quite simple they usually make it very simple by the use of an “interview”.  I have to stress that they actually have made it very simple to put in and arrange.

On this article I’ll take care of organising your organization for software rent and gross sales companies and which additional accounts I wanted for our enterprise at Rent it Amanzimtoti.

Setting Up Your Firm in QuickBooks.

Clearly you’ll have already got put in the QuickBooks package deal.  I’m working with QuickBooks Professional 2008.

Choose the “Begin Interview” button and observe the prompts:

  • The primary web page is primary – your Firm title, deal with, e mail and web site.
  • The subsequent display screen is to pick your business.  Sadly  “Software Rent”, or “Software Rental” isn’t one of many choices to pick so I’ve used “Common Service-based enterprise”.  This lets you arrange your objects/instruments or equipment as a service so that you just by no means truly promote the merchandise however hire it out.  It additionally lets you arrange objects on the market as “Inventory Objects” which implies you may have rental and sale objects(like equipment eg. grinding discs) on one bill.  Due to this fact if  a consumer desires to rent a grinder for the day and wishes grinding discs you may rent the grinder and promote the discs to him/her and present them each on the identical bill.
  • You might be then requested how your enterprise is organized to assist arrange the right set of accounts.  Is it Sole Proprietorship,  Partnership, Restricted Legal responsibility Firm,  Company, Non-Revenue, Different/None?  Choose the right one,  I used “Partnership” as I’m in partnership with my brother at Rent it Amanzimtoti.
  • Subsequent is to pick the primary month of your monetary/tax yr.  Our is March, i.e. our monetary yr begins in March and ends on the finish of February the next yr.
  • Now you’re prompted to arrange an administrator password.  Each time you open your QuickBooks Firm file you can be prompted for this password.
  • The subsequent display screen tells you that you will create an organization file within the following display screen.  There’s a hyperlink to a assist display screen telling you the place it’s best to reserve it to.
  • Because of the truth that solely myself and my brother will probably be utilizing QuickBooks I saved the corporate file to the default vacation spot that’s prompted right here.
  • Subsequent – “Customising QuickBooks for your enterprise”
  • What do you promote.  Three choices – 1) Companies Solely, 2) Merchandise Solely, three)Each Merchandise and Companies.  I clearly selected three)Each Merchandise and Companies.
  • The subsequent web page is for VAT, your vat no if relevant, your reporting technique(money or accrual), and your organization registration no.
  • Now it asks if you wish to create estimates.  As I’ve mentioned within the earlier article that I used the estimate as a contract for our rental / rent enterprise.  Additionally it is used as a quote.  In a while I’ll present you how you can copy the unique estimate template and customise it right into a contract template.  Upon getting a contract template, copy it and customise it to a quote template.  Like I hold saying – it’s all quite simple, in case you hold it easy.  So right here you need to choose “Sure” to create estimates.
  • The subsequent display screen asks you if you wish to create “Gross sales Receipts”.   I mentioned no as we usually give our clients the bill which is stamped “Paid” by a watermark in QuickBooks .
  • Subsequent display screen asks if you can be utilizing Statements”.  We do as now we have shoppers who’re on 30 day accounts.
  • Now it asks in case you do “Progress Invoicing”  – I’ve unhappy no for our enterprise.
  • “Managing Payments you Owe” – I choose sure for this because it tracks your suppliers you owe cash to and reminds you when payments are due.
  • “Monitoring Inventory in QuickBooks ” – I did reply sure to this however unsure if I exploit it.
  • Monitoring Time in QuickBooks” – I did reply sure to this however haven’t used it but.
  • Subsequent is “Do you may have staff” – this I mentioned sure to in order that once we do get informal labour we will monitor what we pay them and once we ultimately begin paying ourselves we will monitor our salaries if we need to.
  • Subsequent is the Chart of Accounts”
  • Choose a begin date – your monetary yr begin date – you’ll later have to enter all transactions from this date to the current date.  Or at present’s date.
  • Add your checking account.  I made it “Present Account”.
  • Subsequent is your final financial institution assertion info.  It’s straight ahead ending date and stability.
  • Subsequent you’re requested if you wish to enter one other checking account.  At this stage I bear in mind I mentioned no, however in a while I did add one other checking account – “Money Account” however this may be achieved after you have accomplished the interview.
  • Now you can evaluate your Revenue and Bills accounts.  I left all of them alone as they seemed nice to begin with.
  • You are actually Congratulated as you may have completed the setup interview.  Quite painless was it not?
  • It then offers you an outline which it’s best to discover.

That’s mainly your Firm Set Up in QuickBooks.

The Further Accounts We Want for our Software Rent / Rental Enterprise

At first I added solely 2 extra earnings accounts to begin utilizing QuickBooks.  You’ll be able to add Accounts as and whenever you want them.  They had been the  “Rent” and “Re-Rent” accounts.  So as to add them go to the highest of the display screen and click on on “Lists” after which “Chart of Accounts”.  Open the window that pops as much as “full display screen”.  That is all of your accounts that QuickBooks has arrange for you.   So as to add an account:

  • Click on on the underside left of the display screen on “Account” and choose “New”
  • Right here choose “Revenue” after which click on on the proceed button.
  • Give it a reputation – e.g. “Rent Fleet” and optionally an outline
  • Click on “Save and New”
  • Add the re-hire account in case you do re-hires from different corporations and Click on “Save and Shut”

That’s all there may be to it.  You’ll be able to even group your accounts and make them sub-accounts.


Within the subsequent article I’ll go into how you can arrange the rental / rent objects and your inventory objects you promote.

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