 QuickBooks desktop 2023 set up new bank feed test company file. Let's do it within to it's QuickBooks desktop 2023 support accounting instruction by clicking the link below giving you a free month membership to all of the content on our website broken out by category further broken out by course each course then organized in a logical reasonable fashion making it much more easy to find what you need then can be done on a YouTube page. We also include added resources such as Excel practice problems PDF files and more like QuickBooks backup files when applicable. So once again click the link below for a free month membership to our website and all the content on it. Here we are on the desktop with the QuickBooks desktop software icon which we downloaded from the Intuit website into it being the owner of QuickBooks if you don't have access to the software then you might be able to get the 30 day free trial. The best way to search for that is to rather than go into the Intuit website directly just type into your favorite browser QuickBooks desktop 30 day free trial make sure that you're looking at the desktop version as opposed to the online version because that's what we'll be using here. Now when we think about the desktop version of the software we can kind of compare it to Microsoft Word Microsoft Word being something that we generally think of as having downloaded the program onto our computer and then we open up documents in the Microsoft Word program that's going to be similar with the QuickBooks desktop because we can have multiple company files which is great for like a bookkeeping service and it's great for practice those multiple company files we can think of as analogous to the Word documents that we can open up in the software of the QuickBooks. Now it gets a little bit more complex with QuickBooks because when you think about a Word document they're not as large in nature so if you wanted to back up your Word documents then you could just make a copy of them somewhere else but when you have a lot of data in a QuickBooks file then you also want to zip the files when you try to store them or make a copy of them oftentimes therefore we're going to have the QuickBooks software we're going to have the data file and then we're also going to have backup files so you're going to have three kind of icons you're going to have to be dealing with and note that if you only have one company file that's pretty easy to deal with because you're always going to be working in one company file although you still want to make sure that you know where the data file is and that you understand where the backup files are if you're a bookkeeper you might be working in multiple company files in which case you have to organize those company files in a similar way as organizing your Word documents which can be a little bit chaotic as you know with organizing anything like a file cabinet or anything else and if you're just practicing then once again you're going to have multiple files most likely and you're going to want to organize those files so it can get kind of cluttered so the first thing we're going to do is start up a new company file I want to save the company file into a folder and then we'll get going with the bank feeds my goal when we're starting the company file is to imagine we're going to have a company that we're going to be connecting directly to the bank feeds and try to build most of our financial statements from the bank feeds and that will take a certain industry or type of company in order to do that we'll dive into that in more detail shortly as I open the company file I'm going to make this other folder where I want the company file information to go I want to have a special designated folder where I want the company file to be I'm going to call it a data file so this is going to be the data file that's where I want it to go I want to make sure I have that designated folder because if I just put it on the desktop which is probably the first thought that most people would have then it's going to clutter the desktop because it puts not only the the file in there but all this other junk in there so you want it to give it its own folder for the data files so you don't have a mess all right let's open up QuickBooks and so we're going to double click on the software opening it up note that if you have been working in another file such as I have been working in another file then it might open automatically to that other file so oftentimes it's useful to close this file when you're going to start a new company you don't have to because you could go to the dropdown and just say that you want to start a new company from here but oftentimes it's nice to do it from the open screen so if you have another company file that opens I will typically close that company file and that will take us to the intro screen if this is your first time opening up QuickBooks it'll automatically take you to the intro screen here typically now also note that the size of the icons that you have you could change that by changing your settings so if I go into my settings and type in settings here in search for my settings I'm going to actually just change the size of my display screen I currently have it at 150 at this point but when I first start this I'm going to change it back down to the recommended size because sometimes when I first open up the screen over here the first window is a pop-up that kind of gets distorted everything else from there works great if I was to zoom in to the screen also note that when you're zooming in and out of the screen it usually works pretty good even when you have the software open but if something isn't scaling right you can close the program and open the program back up so I'm going to minimize this we will I will use that scaling option to kind of make this a little bit larger for people and again if you want to do that on your side just normally that's you know the easiest way or one nice easy way to scale up your the size now if I start a new company file we got a new company file here or you can open or restore a company file here now this would be one if we already had the company file open a sample file these are great tools that QuickBooks has put together like some sample files that you can practice with and they already have data in them so you can kind of navigate around but we're going to do a start a new company file and imagine that we're going to you put it together with the bank feeds up top we have the the files that have been opened recently so these are kind of the shortcut to get to those files that have been opened recently this is a convenient tool but it also leads people to kind of forget where the company file is at so even though the software opens directly to your company file each time you want to know where it is at so that if there's a problem and you have to reinstall the program or something you could find the company file if you hover over these items it gives you that map right there and so I would copy that map possibly screenshot it and find your company file make sure you know where it is we can create a new company file either here or with the drop down file and new company that's what we're going to do now so then it says what does creating a company file require for creating company file you need to have an into it account which would provide you better control of your data a superior fraud protection one account for all into it products so into it you know it's getting larger and larger they got a suite of products and so on that could be useful together oftentimes or possibly depending on your circumstances who are you be creating creating the company file for for myself I'm the admin so my email will be used to create an into it account which will be used to access all into it products for someone else I'm creating the company file on behalf of the admin I'm going to say the second one just for our practice problem other options open existing file this is kind of redundant you wouldn't go here if you wanted to do that you would have gone somewhere else I convert a quick in file now quick in is not quick books quick in used to be owned by quick books but now I think it's owned by somebody else but it's a it's another kind of accounting software so if you already had started accounting software in another company file whether that be personal or business and note that quick books can be used for personal accounting it's basically similar kind of process here so and I use it for personal accounting too as well so you can you might be able to import the quick in file now if you already had past data in another accounting software your your options then are going to be do I want to upload all the prior year data into quick books or do I want to just start from a certain date in quick books going forward in which case I don't need to import all the data from the prior file I just need to import the stuff I need which is going to be the beginning balances going forward and then possibly customers and vendors and that kind of stuff so we have a practice problem that goes into that in a little bit more detail in another section or course if you want to kind of dive into that in more detail we're going to be starting a new company file from scratch in this case so convert another accounting software and then you could have an advanced setup we're just going to go to the standard start process so let's start it up start it up okay so here we have the basic information anything with the red asterisk that's a required field everything else isn't required but might be something that you would want to put in place because it might be needed to populate certain forms such as invoices and so on so I'm just going to call it a generic business name bank I'm going to call it bank feed practice file it's going to be like a business file I'm going to imagine we're basically kind of like more of a gig worker for the most part although I will expand on that to deal with other problems like inventory problems or cruel based problems and so on and so then the industry that we want I can hit the help button quickbooks desktop has a lot of great tools they really broke out their different industries in a lot more detail even than their online stuff right now this is which is quite nice because if you choose the industry it'll give you a chart of accounts that is that they think is the best chart of accounts for that particular industry so you can look at the different industries and check out the chart of accounts if none of these really fits you well then you might use a generic product based or service based account and the the product based will have like cost of goods sold and inventory as part of their accounts because you'll be selling inventory now normally I would say that your best practice would be to choose the industry if you're not familiar with quickbooks let let quickbooks give you a chart of accounts and then try to use their chart of accounts wherever you feel appropriate as you add the data even if using bank feeds and and when adding new accounts the question would be does quickbooks have an account if it does use the default account that they gave you if they have an account but it's not appropriate or you don't like it as much change the name of the quickbooks account instead of adding a new one that's very similar in name otherwise you're going to have multiple accounts with the same name and then if they don't have anything at all then add a new account and then after you've entered a month a few months of data go back into the Intuit accounts and delete the ones that you're not using right that's a general recommendation but here I want to go to other and have no accounts because I would like to show how we're going to basically create the accounts as part of our accounting process building everything in essence from the bank feeds so we're going to have actually no accounts which again they give you a nice option to do here to do that if you want which could be great because then you can customize your own accounts with it so and that could be useful especially for personal bookkeeping as well where you might have account names that don't fit into the standard for expenses for example so I'm going to say okay so there is that and the business type sole proprietor LLC LLC corporation so these are kind of like the legal types of the entity the bookkeeping in terms of the double entry accounting system will basically be the same but there's going to be a difference you would think normally in the equity section because of the balance sheet because a sole proprietor would have one owner which you might call then equity section would be just capital assets minus liabilities equals the capital account or equity or owner's equity for a partnership you have to track multiple capital accounts in the equity section for multiple two or more partners then you've got the corporation which usually uses the term retained earnings instead of a capital account or owner's equity type of account and then of course you've got the difference between a corporation and s corporation and so on which which could be the general idea there would be that by default from a tax standpoint you're usually considered a sole proprietor if you're just a single individual or a partnership by default and then you might you might try to go to a corporation at some time but there's a problem with the corporation which is typically going to be that if you draw money out of the corporation then you have to it's a dividend and you usually have taxes on dividends so you have a double taxation problem so then they created these other things LLP's LLC s corporation to try to get the best of both worlds and so so of course this will line up to your tax you know whatever your tax stuff is to get an idea of how you should set up your business as a sole proprietorship partnership LLC you want to talk to a professional but make sure that you're talking to someone who gives a neutral opinion if you're talking to someone who is a professional s corporation maker then they're probably going to try to sell you on an s corporation because they're an s corporation salesman right as opposed to if you pay someone just to give you advice not to set up the s corporation then you can you can hopefully get some advice that's that's uh that's neutral but in any case i'm just going to choose sole proprietor the email address i'll put that in last the e in number is not required you can get this on the irs website and you might want it even if you are not a a uh have employees it's a it's an employee i employer identification number you would think then you would only need it when you have employees but that's not necessarily the case because if you're a sole proprietor and you just do your own thing you might work with other businesses that need to 1099 you and if they need to 1099 you they're going to want your e in number because the irs sees you as an e as a number if you don't have one you're going to have to give them your social security number that doesn't look professional and now you're giving out your social security number which isn't good so so you so you can set up an e in number pretty easily it looks something like this 95 uh this is at least a structure of it i'm just making this up and then the phone number 555-546-8743 this might show up on some forms like possibly an an invoice or something like that so it could be useful to have even though it's not a required field i'm just going to pick a random place this is going to be i put all my stuff in beaverly hills so it's going to be north rocksbury drive beaverly hills cal california 90210 and california so there it is now the general business that we're going to be setting up i'm going to say is kind of like gig work meaning that's the type of business that can be designed or put the whole books together pretty easily on just a a relying on the bank feed situation but i will then expand on that to try to touch on the more complex scenarios when you have a cruel based system and inventory and that kind of stuff so let me add the email and then finalize this okay it takes a little bit of time to finalize you usually get a pop-up screen this is like a sell up type of thing so these are things that usually cost you money if you want to add on to them get paid faster so you can look and make recording checks simpler we're not going to do any of this stuff right now so i'm just going to close it out so now that i'm in here i'm going to go back into my windows setting this is not part of quickbooks this is just my windows setting and my default is going to have this up at 150 of the size so that it kind of zooms in on the display size here which made this window all distorted i'm going to maximize this i typically like my settings here as well to be view drop down i'm going to hide the icon bar and then i'm going to go to the view drop down and have that the top actually view drop down hide icon bar and open windows list that's going to be the default settings that we have so we also have set up you can see here that has been set up for us the chart of accounts so they gave us some basic couple accounts even though we picked no chart of accounts by not picking an industry and we're going to create the chart of accounts as we enter the information from the bank feeds now note that it didn't ask me where the company file went so i don't really know where the company file is at this point which is kind of annoying so one way to get there and this is a little risky i but there's a couple ways to do it but i like closing the company file so i'm going to go to edit and i'm going to close the company file and then it's going to take me to this window right here and there's there's the mapping so if i hover over it it's in the last thing i opened and there's the mapping i'm going to screenshot it so i'm using my screen clipping thing to take a screenshot and then i'll put it in word and i'll go find it and so i have to have it if i want to actually move it so there's where it's actually located now if i want to actually move this file from wherever quickbooks put it because they just didn't ask me they just put it somewhere i'm going to i'm going to have to have it closed so right now i've got the file is closed but even though quickbooks is open quickbooks is open but this file is not open so i should be able to cut and paste or move the file wherever it's located so they put it where i was working on last the last time i had a file open was here so they put it to the same location if you if you didn't have any other data file they would bury it under your c drive under like an intuit folder i believe but you can map it out and you can find it use it you could just use your mapping here and this of course is the c drive it's under the user it's under so you can follow the map to to find whether the file is located and hopefully dig it out and then i want to move it so here's the file notice it gave me all this other junk with it now i think i can move the file without the other junk so i'm just going to put my cursor here and say control x or right clip and cut it i'm going to cut it not copy it but cut it because i want to move it and then i'm going to put it into this file i designated the data file i'm going to paste it right there and so there it is and then i'm going to make this large so we can see the icon so now we have the quickbooks software icon and then the data file so when i open this up it's similar to a word document it's similar to the word software and the word document with word documents we typically double click on the document and that opens up the program the document within it we could do that here generally you could double click on the on this icon and it's going to open up quickbooks and the data file within it but usually we do that the other way around right we go to the we go to quickbooks open up quickbooks and then the last thing it gives you a little thing for the last file if you're only working in one file it'll start to open to that file kind of automatically so next thing just to note is that these are the two kinds of files that we have the third type of file you got to be aware of is the backup file and that's going to be basically a zipped file of your data file so you're going to have to store your backup files as well and and you can put them in a different folder of the backup files and just back them up nightly and then and then you can set up your backup files so that they delete some of the older backup files to update your backup so we might dive into that a little bit more later we talked about it in a prior course or prior section as well so now we've got our our company setup will continue on with it in future presentations