Thursday, 27 April 2017 12:53

How to Create a New Company Data File in QuickBooks

​Have you used any accounting software that does NOT allow you to create your own data file? For QuickBooks desktop, you don't have to wait for the software programmer - you can do it all by yourself. Let's go through the steps...

First of all, understand that the QuickBooks accounting system comprises 3 components as follows:

  1. QuickBooks program (application) - you must've installed this.
  2. Data file (*.QBW) - you use the QuickBooks program to create this.
  3. Data file location (folder) - you decide where you want to save the data file. 

Therefore, after installing QuickBooks, use any of the following menu functions to create a data file:

How to Create a QuickBooks Company Data File

 

On the next screen, choose the Express Start interview to start a simple two-page interview questionnaire:

Use the Express Start ​to Create a QuickBooks Data File

The first page requires only three mandatory pieces of information:
 
Use the Express Start ​to Create a QuickBooks Data File
 
1. Type in your Company Name
What's the effect? The company name you key here (e.g., ABC Pte Ltd) becomes the name of the data file that'll be created (i.e., ABC Pte Ltd.QBW).
 
2. Industry: Choose "Other/None"
What's the effect? For any other industry, QuickBooks auto-creates a set of recommended chart of accounts for that industry. Some of them may have to be renamed later to your preference or deleted because you don't need them. Therefore, choosing "Other/None" is recommended. 
 
3. Company Type: ​Choose "Other/None"
What's the effect? For standard business types, QuickBooks also auto-creates extra accounts specific for that type of entity, e.g., Capital and Drawings for Partnership. Again, choosing "Other/None" is therefore recommended. 

 

The next page is also straightforward:

Use the Express Start ​to Create a QuickBooks Data File

4. Country: Choose "Other" if your country is not listed - it's ok
What's the effect? For USA and Canada, QuickBooks auto-creates Sales Tax/ GST accounts and reports according to your specified State or Province. For the rest of the world, only the basic GST accounts and reports​ will be created. 
5. Preview Your Settings: This allows you to specify the data file location - you may leave it as the default file location which is in the local C: drive
What's the effect? It all depends on your preference and company policy on where you would like to store the data.
 
6. Click "Create Company File"
What's the effect? A blank data file is created.
 

That's it! Start working.

Use the Express Start ​to Create a QuickBooks Data File

You don't have to be distracted by the "Add" (customers, items, accounts) options at this stage - you can do that later.

Come and learn more about the basics of QuickBooks here: Training & Demo