How To Create And Track Inventory QuickBooks Company File

Last Updated on December 15, 2020 by

Firstly, To Create a QuickBooks Company File we have to know about, how to install the QuickBooks accounting Software from the website on that when we scroll on the website at the bottom, we will able to see that the link for Download QuickBook Desktop at one side and another site we will see the Download and updates on that. By clicking on the Download and updates we will able to see that and there are lots of versions provided in that to access the QuickBooks.

We can also directly go to the QuickBooks icon from the link that we can download the Quickbook Desktop Pro of online 30 days trial and also purchase QuickBook Desktop Pro based on the various user by affordable offered prices and by giving various entry related to Gmail account and give the various details of it to join the QuickBooks Account online.

After Downloading QuickBook Desktop Pro we came to know about creating QuickBooks Company File on that.

Create QuickBooks Company File by following easy step

• Open the QuickBooks Desktop on your operating system or windows.
• The dialog box appears as showing “No Company Open” which includes: to create a company, open or restore a service company and open a sample file in the latest version of 2020 in QuickBook Desktop Pro. You will also be able to see that on the appeared dialog box you will also choose an option to Find a company file.
• On the ‘No Company Open’ dialog box you can click on the option of Create a new company.
• When we have clicked on the “Create a Company” then we will see that it will ask the other option in that we select the “advanced setup” option.
• In the third appeared dialog box of  Easy Setup Interview by selecting the advanced option we will get the various company information fields in the third appeared dialog box.

Now  focus on the appeared dialog box of Easy Interview Setup

• Now fill in the various details of the Company such as company name, legal name, city, zip code, phone number, etc. it is not necessary to fill details in the field of Tax Id, fax if you having then fill it otherwise, it is not necessary. Then, select NEXT.
• By Clicking on the Next button, you are required to Select your industry type, if you’re facing any difficulty in it. Then, Scroll Down and Select the “General Product Based Business” and then click simply on next.
• By clicking on the next you will be able to see the How is your company organized? written that you directly select the option of “Other None” instead of selecting another option that I suggest to you and then select next.
• After selecting Next you will be able to choose the or Select the first month of your fiscal year because your fiscal year is the same as your income tax year. If it is done by me then, I will select January and then again select next in the same dialog box of Easy Step Interview.  
• By clicking next it will ask you to “Set up your administrator password” by spending a little bit of time. Please choose the password unique from others because to protect the QuickBook Company File it will ask the Company Administrator to enter the password whenever you’re accessing it.

(Remember your password should be based on the small alphabets(a-z), capital alphabets(A-Z), numbers(0-9), special characters(!@#$%^&*) you are required to learn the password for future also). Then, click the next button.

• After clicking on the next, you will see the dialog box consisting of Create Your Company File, then again click the next button.
• New Dialog Box appears which is asking to save company file on which location of the operating system or windows, then simply select on Desktop it will take few seconds to do setup and you will able to see that on the main dialog box of the QuickBook Desktop Pro your company name is also coming on the same dialog box. On that your company file is created, you can also click on the leave option of the same Easy Step Interview dialog box.
• After the creation of the company file, you may click on the next option, then you will able to see that in the same dialog box of easy step interview you may ask to select the option for “What do you sell”  in that if you are not sure then simply select the option of “Both services and products” option and then again next.
• By clicking next it will ask “Do you charge the sales tax?? Then select ‘yes’ or consult the accountant or other regarding it. Click the next option.
• After clicking next it will ask “Do you want to create estimates in QuickBook” you may select the ‘Yes’ option because this estimation is related to the job. Then, again next click.
• Here, the important part comes based on the “Using statement of company on QuickBooks” because this part contains all the activities of the transaction done by customer or company during the month and year for benefits for the company, then simply select ‘Yes’ option only and then next.
• Then select the yes option for using the progress invoicing because it is related to estimation for customers and then, next.
• After the next option, you may also ask “To track the bills owe” then select the ‘yes’ option and then next.

(Remember if you select yes to  track the bills of owe the bills are usually stored in the QuickBooks Company File then it may be helpful for to apply any business loan based on that billing also).

Track Inventory in QuickBooks Company File.

• By clicking the Next option then you will be able to see that it will ask for “Tracking an Inventory in QuickBooks” in that you may select ‘Yes’ and then select the next option.

(Remember here, inventory in Quick Book is for increasing the Cost of Goods Sold and records the Income from your product. When using QuickBooks inventory management).

• Then it will ask for the option for Tracking time in QuickBooks on that select ‘yes’ option and then again next. It is basically tracking the time of the project assigned to the authority on the basis of inventory.
• Then it will ask if your company employees are there or not ?? In that option, if there are some contractors in your company there are not employees according to Quickbook on that select ‘Yes’. As well as selecting on the contractor’s parts on QuickBook and the select again next.
• By clicking the two next options it may ask to “Select the date to start tracking your finances” if you are a fresh user of Quick book the select 2 option and fix the date according to the current date or otherwise select 1 option and the next select.
• It may ask the review income and expense account on the listing of it you may have any idea or category related to business then only that user may select or click on any option otherwise select next option.
• You may see that the congratulations come on that in which 85 % of the QuickBooks company file is created then click next.
• After clicking next there may have some pop option where you may add customers, vendors related to the company. Then after that if you are a new user it may have new extract features a display on that according to your convenience and some described easy tips videos in that you may do some settings related to our business requirement.

Conclusion

We have concluded that the creation or purpose of the QuickBook Company File is basically for keeping the records of inventory or invoices generated by the company for customers and also helps in maintaining the employees or vendors working. So that we can calculate the actual profit and loss reviews for a better future for company status. At last, but not least if we Create a QuickBooks Company File then we can generate the bills and payments for our company based on the taxes assigned by the Ministry of Government.