Create a QuickBooks Desktop company file

how to create a new company in quickbooks

If you have multiple companies under separate accounts in QuickBooks Online, here’s how to move them all into one account. Get started how to set up a new company in quickbooks with QuickBooks Desktop and create a company file. Next, you will need to choose a folder to save your new company’s records in.

Tim is a Certified QuickBooks Time (formerly TSheets) Pro, QuickBooks ProAdvisor, and CPA with 25 years of experience. He brings his expertise to Fit Small Business’s accounting content. Use the categories on the left to navigate the various settings.

QuickBooks Desktop Won’t Open or Does Not Start

If you do decide to create accounts during the Interview, when you get to expense accounts, consider bypassing the More Details options and choosing the No Thank You option. If you choose More Details, QuickBooks displays several screens of information about expense accounts. Unfortunately, these screens waste your time if you know what you’re doing and don’t tell you enough if you’re lost. You can’t change the company type after QuickBooks creates the company file. If you make the wrong choice, you could spend hours trying to correct what QuickBooks added to the file–or you could just start the EasyStep Interview from the beginning.

how to create a new company in quickbooks

As QuickBooks is the most widely used software solution in SMEs today, the software service is expected to have support for multiple company files at a time. NSKT Global is a top accounting firm that provides assistance to small and medium enterprises in establishing themselves. We have certified Quickbooks Proadvisors who help in setting up a new company account using Quickbooks. We help companies in creating new company files as it may become a tedious job at certain times. To keep track of the financial activities of multiple businesses, you can set up separate company records within the same installation of QuickBooks.

Instructions on How to Create a New Company File in QuickBooks Online

Click the green Save button when you’re done and ready to start entering your company’s address information. Follow the on-screen instructions to create a new company file. If you’ve recently upgraded to a new version of QuickBooks, you can still use your old company file.

  • However, information such as your legal name and address, the Federal Employer Identification Number, and your choice of business type (corporation, sole proprietor, and so on) usually remains the same.
  • Another item we set up when creating this file is the Chart of Accounts.
  • Depending on your industry, the defaults will change and add different accounts.
  • You can set up one or more companies within the same QuickBooks installation while maintaining control over each company’s finances.
  • Once you do this for all the company files you wish to access using the primary email ID, you can remove the rest of the user IDs from the system for your convenience.
  • This means that you don’t have to give anyone access to QuickBooks simply to review reports – you can use pre-built templates or bring live data to any customized report you already have.

The selected company will be displayed in the upper left corner of the screen. From here, you can view your company’s financial data, create invoices, and more. Once done setting up a new bank account, you can continue adding the opening balance.

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