QuickBooks POS, in today’s hustling-bustling world, technology plays a vital role to encourage the development of countries. Each machine that works digitally consists of machine codes. Similarly, software that is used in computers is made up of various codes. QuickBooks accounting software is also made up of multiple codes that offer services in the form of innovative features. Company file in QuickBooks POS is used to store the reports or documents where your data is securely saved. In this article, you get to know the steps for Set up a New Company File in QuickBooks Point of Sale.
Oversights for Set Up a New Company File QuickBooks POS
If you planned to create a new company file, then you have to clean up all your company data which means you need to remove all the company data from QuickBooks 2006 and after onwards. This will provide the benefit of the successful set up of the company account. The further step is to take the subscription and improve payroll subscription.
But, this is very crucial for your knowledge that if you are using the feature, then you are not able to organize the new company file in your system. If you want the same service in your payroll then you need to call the payroll correspondent to tell you the alternative for this.
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What are The Conditions That Need to be Considered While Setting up the Company File in QuickBooks POS?
If you decided to create a new company file in QuickBooks POS, then you should know a few things before opting for this feature. Make sure the file must be valid till 31 December i.e. the last date of the year.
Here are few mandatory reports that will be needed while starting the process:
Standard Balance Sheet
- Under this Sheet you need to:
- Open the Reports menu
- Choose the option Company and financials along with the balance sheet standard option.
Customer Balance Detail Report
- Under this report you need to:
- Go to the Reports menu
- Choose the customers and receivables option along with the customer balance detail option.
Vendors Balance Detail Report
- Under this report you need to go:
- Go to the Reports menu.
- Choose the vendors and payables option and also select the vendor balance details option.
What is The Procedure to Create a Company File
- You need to visit the File menu option and choose the next option Utilities
- Now, make sure you click on the option Clean Up Company Data
- Then, what you have to do is Rebuild each outstanding dues in the accounts receivable by re-modeling individual invoices or build create balance forward invoices for the total customer balance
- Under the Vendors menu, re-shuffle and change each vendor dues along with the Enter Bills option
- Uncategorized Expense Account will be charged by these bills that against the individual expense accounts
- Users keep in mind that this feature is unavailable in the payroll because of typical payroll details under the payroll files
- Also, this feature is unavailable for the QuickBooks online banking operators because of the privacy and time management-related data from the FI (Financial institution)
- After completing the above steps you need to go through the below-mentioned steps
- First, select the File and go to the New Company
- Then, under the Easy Step Interview window, you need to tap on the Start Interview
- In the next step, the further instructions automatically appear on your screen; you just need to follow them with proper understanding.
A mechanism to Start a New QuickBooks Desktop Company file from Scratch
⏩ In the prime step, you need to go to the QuickBooks POS Desktop
⏩ Then, go to the No Company Open tab where you require to pick up the option Create a new company
⏩ Then, you need to move your cursor on Detailed Start and click on it with the help of the mouse or you can press the Enter
⏩ In the next step, you have to Fill the Easy Step Interview window and proceed with the Next option
⏩ Now, you have to choose your Industry as your preference and click on the Next option
⏩ Then, detect and add your Business Entity type and tap on the Next option
⏩ Further, you must organize your Fiscal year in which you wish to build a company file, and after this tap the Next option and proceed
⏩ In this step, you need to create a strong QuickBooks Admin password and then tap Next
⏩ The last second step, make sure you select the option Choose the location where you can store and access company file easily and select the option Save
⏩ Last third step, your company file is save, now you are allow to customize your QuickBooks software by a tap on the Next option or if you don’t want to do it right now select the option Leave.
End-Up!
Hope with the help of this article you get to learn the things that you are looking for. You need to fulfill all the asked requirements before starting the process. Otherwise, you failed to set up a new company file in the QuickBooks POS. In case you are not set up the company file then might you be a payroll user if not then you need to call the QuickBooks professional team for assistance. You can get the contact information at the end of this article. Make sure you resolved your problem successfully.
🔔 Frequently Asked Questions
Q1. How Can I Rebuild and Check The Data in QuickBooks POS?
Ans: Initially, you need to move to the Window and select the option Close All. After the previous step, you need to verify data by selecting the option File and then Utilities. Finally, choose Verify Data.
Q2. What are The Benefits of Creating a New Company File in QuickBooks POS?
Ans: There are several benefits you will get from the New Company File such as- it will allow you to store the heavy files, offers extra privacy and security, it helps to clean up the currently existing data by deleting the unwanted items, accounts, and names.
Q3. How Can I Set Up a POS Server in QuickBooks?
Ans: If you want to set up a POS server in QuickBooks then you need to do the following things:
☑ First, you require taking back up your data file.
☑ Then, you have to re-install by uninstalling the Point of Sale from the previous server and install again as a workstation on a new system.
☑ Now, you need to synchronize license data online
☑ Finally, restore your data file.
