Question

Your employer wants you to create a new QuickBooks company. What information should you know how to set it up (because you can't change it later)?

a) This is a question about the initial setup of a QuickBooks company and the essential information needed for the setup.
b) This is a question about the history of accounting software.
c) This is a question about the types of businesses that use QuickBooks.
d) This is a question about the legal regulations governing financial software

Answer 1

To set up a new QuickBooks company, you need to know the legal name, business structure, industry, chart of accounts, and account balances.

Step-by-step explanation:

To set up a new QuickBooks company, there are several essential pieces of information you should know:

1. The legal name and contact information of the company
2. The type of business structure, such as sole proprietorship, partnership, corporation, or LLC
3. The industry or line of business
4. The chart of accounts, which includes the different categories of income, expenses, assets, and liabilities
5. The beginning balances for all the accounts

By having these details ready during the initial setup, you can ensure that the QuickBooks company is properly configured from the start and avoid having to make significant changes later. This information is important because it forms the foundation of your company's financial records in QuickBooks.