QuickBooks | Things to take note when creating a new company file

Software: Intuit QuickBooks 2014

To create a new company file go to the File menu and select New Company.

In the QuickBooks Setup wizard, you have an option of selecting “Express Start” or “Detailed Start”; I usually prefer to use the “Detailed Start” as it allows me to select the file location.

For Singapore user, you need to select “Other” for the Country field in the “Enter your company information” page, as “Singapore” is not in the Country field’s dropdown list.

In the “How is your company organized?” page, Singapore user should select “Other/None” radio button as those forms such as FORM T1, T2 Corporation, FORM T1044, and FORM T3010 are not applicable for Singapore user.

If your company is a GST registered company, then you need to select “Yes” radio button in the “Do you charge sales tax?” page. You should leave the “CRA Business Number for GST or HST” and “PST or GST Registration Number” field blank as these are only applicable to the Canadian user.

If you select the first month of your Financial Year as “January” (assuming your financial year is from January to December and currently you are in year 2013), you may select the start date in QuickBooks as “Beginning of this fiscal year: 01/01/2013” in the “Select a date to start tracking your finances” page.

Some of the settings such as print cheque, online store or merchant service are only applicable to the Canadian user.