Software Installation and Creating a New Company

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1 Chapter 1 Software Installation and Creating a New Company OBJECTIVES: 1 System Requirements 2 Software Installation 3 Starting QuickBooks and Creating a New Company 4 Backing up Company Data 5 QuickBooks Coach Read Me: QuickBooks Pro 2008 Student Trial Edition QuickBooks Pro 2008 Student Trial Edition will operate for 140 days after registering your installation on a single computer Once you register you will have 30 days of online technical support You have 30 days to register after installation That means it has limited use and cannot be networked in computer labs Schools must still purchase and install QuickBooks Pro 2008 licenses for their computer labs QuickBooks Pro 2008 was used on both a Windows XP Pro (SP2) computer and a Vista computer to write the textbook SYSTEM REQUIREMENTS These are the system requirements for QuickBooks Pro 2008 QuickBooks Pro 2008 is the software packaged with the textbook QuickBooks Pro on XP o o o At least 18GHz processor, 20GHz At least 256MB (512MB recommended) of RAM for a single user 1 GB of disk space (additional space required for data files) QuickBooks Pro on Vista o o o At least 20GHz processor At least 512MB of RAM (1GB recommended) 1 GB of disk space (additional space required for data files) 1

2 2 Chapter 1 Disk Space Requirements for Additional Software 50MB for Microsoft NET 20 Runtime, provided on the QuickBooks CD Google Desktop Search (in-product search) space requirements are determined by the size of the company file and the nature of usage It is not unusual for indices to be as large as 1GB Additional Hardware and Software Operating Systems supported: o o o Windows XP (SP2 or later strongly recommended), all editions Windows 2003 Server Windows Vista, all editions 4x CD-ROM drive Optimized for 1024x768 screen resolution or higher, supports 800x600 using "Small fonts" setting in your Windows control panel display settings Microsoft Office XP or later is required to export data to Microsoft Office Word or Excel Internet functionality requires Internet access (fees may apply) External media for backups: One 1GB or higher USB drive; CD-R; or, DVD-R (CD-RW or DVD-RW required for backing up to CD-R or DVD-R) See the Part openers for backup files sizes The default location for backing up is C:\Users\Public\Documents\Intuit\QuickBooks\Company files You may also specify a hard-drive or external media location for backups Actual requirements and product functionality may vary based on the system configuration and operating system For complete requirements, visit Third-party services are available for additional fees

3 Software Installation and Creating a New Company 3 SOFTWARE INSTALLATION This section gives you instructions for installing QuickBooks Pro 2008 (QB Pro) software on a single computer (Instructions for deleting QB Pro are included in Appendix) Follow these steps to install QuickBooks Pro 2008 Student Trial Edition: Step 1: Step 2: Step 3: Step 4: Step 5: Step 6: Turn on your computer Close all programs Microsoft Outlook should not be open If Microsoft Outlook or any Virus protection programs are open, close them, along with other programs that may be open Place the QuickBooks Pro 2008 CD into the CD-ROM drive If Autorun is enabled, Setup will start automatically If Setup does not start, open Windows Explorer and doubleclick the QBPRO2008R3 icon When the Do you want to check and download the latest critical installation updates from Intuit support? appears, select Yes: click After any critical updates have completed, click The QuickBooks Installation Wizard window appears After closing all open Windows programs, click

4 4 Chapter 1 Step 7: The License Agreement window appears After reading the terms of the Software License Agreement, print it for your files and select I accept the terms in the license agreement Click Step 8: The Number of Users window appears, verify that One user is selected, click Student Edition is one user only

5 Software Installation and Creating a New Company 5 Step 9: When the License Number and Product Number window appears, enter your license number and product number These can be found on the Intuit label attached to the CD envelope which came packaged with the text (Keep your installation numbers in a safe place, you will need them if you re-install your QuickBooks software Step 10: Proof your installation numbers, then click Step 11: The setup wizard allows you to select an installation folder The

6 6 Chapter 1 authors suggest you accept the C drive default (Or, click to select a folder) Click Step 12: When Optional QuickBooks Search Feature window appears, select Yes if your computer has at least 1GB additional free hard disk space for this feature Click Step 13: The Ready to install QuickBooks window appears

7 Software Installation and Creating a New Company 7 Step 14: Click An Installation in progress window appears This process may take several minutes Read screen information while QuickBooks copies installation source files Note: If any Firewall or Security pop-up windows occur during setup, select Always Allow Step 15: A QuickBooks Installation Complete window appears Click Step 16: On Your Desktop, several new icons appear Open

8 8 Chapter 1 your CD or DVD drive and remove the QuickBooks Pro 2008 CD Note: Once you register with QuickBooks your receive 30 days of online product support STARTING QUICKBOOKS AND CREATING A NEW COMPANY Follow these steps to start QuickBooks Pro 2008 Step 1: Double click on the QuickBooks Pro 2008 icon on your desktop Step 2: When Automatic Update window appears, select OK Step 3: When the Welcome to QuickBooks Pro 2008 window appears, select Overview tutorial to gain an overview of what you will learn in this text After viewing the less than four minute video, click Close to return to this screen

9 Software Installation and Creating a New Company 9 Step 4: Click on Create a new company file When Easy Step Interview window appears, click Step 5: Complete the required fields using your following information: Company name: Your Name Retailers Inc (use your first and last name) Legal name: Your full legal name Tax ID Leave blank Street: Your address City: Reno State: Nevada Zip: Phone: Your phone number FAX: leave blank Your Web site: leave blank

10 10 Chapter 1 Step 6: When satisfied with your entries, click Step 7: Select Your Industry window appears Scroll down list and highlight Retail Shop or Online Commerce Compare your screen to one shown here Click

11 Software Installation and Creating a New Company 11 Step 8: How is Your Company Organized window appears, select Corporation Click Step 9: Select January for the first month of your fiscal year Click Step 10: Enter your administrator password Then, re-type it Write your password down here Click

12 12 Chapter 1 Step 11: When Create your company window appears, click Step 12: Click save your new company in the Company files folder to Step 13: Wait while your company is created Step 14: Read the Customize QuickBooks for your business window, click

13 Software Installation and Creating a New Company 13 Step 15: What do you sell? Select Both services and products Click Step 16: How will you enter your sales in QuickBooks? Select Record each sale individually Click Step 17: Do you sell products online? Select I don t sell online and I have no interest in doing so Click Step 18: Do you charge sales tax? Select No Click

14 14 Chapter 1 Step 19: Do you want to create estimates in QuickBooks? Select No Click Step 20: Using sales receipts in QuickBooks Do you want to use sales receipts in QuickBooks? Select Yes Click Step 21: Using statements in QuickBooks Do you want to use billing statements in QuickBooks? Select No Click Step 22: Using invoices in QuickBooks Do you want to use invoices in QuickBooks? Select Yes Click

15 Software Installation and Creating a New Company 15 Step 23: Using progress invoicing Do you want to use progress invoicing? Select No Click Step 24: Managing bills you owe Do you want to keep track of the bills you owe? Select Yes Click Step 25: Do you print checks? Select I don t currently print checks and I don t plan to Click

16 16 Chapter 1 Step 26: Tracking inventory in QuickBooks Do you want to track inventory? Select Yes Click Step 27: Do you accept credit cards? Select I don t currently accept credit cards and I don t plan to Click Step 28: Tracking time in QuickBooks Do you want to track time in QuickBooks? Select No Click

17 Software Installation and Creating a New Company 17 Step 29: Do you have employees? Select No Click Step 30: Using accounts in QuickBooks Read information and then click Step 31: Select date to start tracking your finances Select Use today s date or the first date of the quarter or month Use the calendar feature to select October 1 of your current year (ie, if it is 2008, select 10/01/2008) since you will

18 18 Chapter 1 begin tracking your finances the beginning of the fourth quarter of your fiscal year, meaning October 1 This is important! Make sure date selected is correct for your current year! Click Step 32: Add your bank account Would you like to add an existing bank account? Select Yes Click Step 33: Enter your bank account information Bank account name: Reno Bank Leave Bank account number and Bank routing number blank When did you open this bank account? Before 10/01/your current year Click

19 Software Installation and Creating a New Company 19 Step 34: Enter your bank statement information Step 1 Verify date shown is 10/01/your current year Step 2 Statement ending date enter 09/30/your current year Step 3 Enter 80,00000 for Statement ending balance Click Step 35: Review bank accounts Select No, I m done or will add more later Click

20 20 Chapter 1 Step 36: Review income and expense accounts Accept the recommended accounts by clicking Later in text, you will add, delete, and modify accounts Step 37: When Congratulations! Window appears, click

21 Software Installation and Creating a New Company 21 BACKING UP COMPANY DATA Frequent saving or backing up of company data is a good business practice In this textbook, you are shown how to backup to the desktop or external media location Backing up to a drive other than the computer s hard drive or network drive is called backing up to external media Authors suggest you backup to an USB flash drive When you back up, you are saving to the current point in QB Pro Each time you save or make a backup, the date and time of the backup will distinguish between them In this way, if you need to restore an earlier backup (ie, you make a mistake), you have the data for that purpose See Preface for a list of backups you will make in this text and their file size In the business world, backups are unique for each business day Daily backups are necessary If you are working in a computer lab, never leave the computer lab without first backing up your data to external media, ie, your USB flash drive Read Me: Saving to the Desktop or External Media As a part of QuickBooks Pro s attention to internal control and risk avoidance, the program will ask if you are certain that you want to back up company data to your desktop since the backup will reside in the same place as the actual data Saving or backing up to external media such as an USB drive minimizes company risk if something happens to the computer! Follow these steps to save Your Name Retailers, Inc company data 1 From the QuickBooks Desktop, click File; Save Copy or Backup 2 Select Backup copy to create a backup of the complete file Notice there are other save options if you are transporting this company file on an USB drive or other portable media to another computer (ie school s computer lab) or sending it to your Accountant (your professor) Note that this is the first of many

22 22 Chapter 1 saves or backups that you will make in this text as you operate your business Click 3 Save Copy or Backup Do you want to save your backup copy locally or online? Select the Local backup option Click

23 Software Installation and Creating a New Company 23 4 Complete Backup Options Save to your USB drive, other external media, or the computer desktop Modify Online and local backup options to Remind me to back up when I close my company file every 1 times 5 When do you want to save your backup copy? Confirm that you have connected your removable storage device, ie, USB drive, and select Save it now Click

24 24 Chapter 1 6 When backup is complete, a window such as the one below will appear to confirm the date, time, and location of the saved company data Click 7 You are returned to your QuickBooks desktop Exit program or continue working on the next section

25 Software Installation and Creating a New Company 25 QUICKBOOKS COACH QuickBooks has extensive learning resources and guides available as you learn the program Let s take a look at how QuickBooks coaches you 1 From the QuickBooks desktop, Select View the Tutorials from the QuickBooks Coach window 2 Review the various QuickBooks Learning Center video tutorials you can access to learn more about QuickBooks Click on Begin Using QuickBooks to return to the QuickBooks Coach window and the QuickBooks Home page

26 26 Chapter 1 3 Select Start Working when the QuickBooks Coach window appears 4 Explore the workflow paths you will learn about in the following chapters, by clicking on the coaching tips following: Purchasing Inventory Bill payment Invoicing Payment with sale for each of the

27 Software Installation and Creating a New Company 27 5 Hide the workflow coaching tips by clicking on the Hide Coach Tips icon to return to the Home page 6 Continue working on the next section or exit QuickBooks To exit, select File; then click on Exit in the pulldown menu or click on the in upper right hand corner of your screen SUMMARY AND REVIEW OBJECTIVES: 1 System Requirements 2 Software Installation 3 Starting QuickBooks and Creating a New Company 4 Backing up Company Data 5 QuickBooks Coach Additional textbook related resources are on the textbook website at wwwmhhecom/qbproessentials It includes chapter resources, including troubleshooting tips, online quizzes, etc RESOURCEFUL QUICKBOOKS Go to the QuickBooks website Explore it to answer the following questions 1 Who should use QuickBooks Pro 2008? 2 How does QuickBooks Premier differ from QuickBooks Pro? Who should use it? 3 Click on the Support tab, list two questions the Knowledge Base can answer 4 Click on the Community tab, what kinds of resources are located in the QuickBooks Library?

28 28 Chapter 1 True/Make True: Write the word True in the space provided if the statement is true If the statement is not true, write the correct answer 1 QuickBooks Pro 2008 Student Trial Edition can only run on Vista computers 2 QuickBooks Pro 2008 Student Trial Edition can be installed on both individual and computer lab computers 3 QuickBooks Pro will support more than five users 4 Creating a new company in QuickBooks is easy with the Easy Step Interview 5 You can close the application you are working with if you single click with your mouse on the close button ( )

29 Software Installation and Creating a New Company 29 6 It is a good idea to regularly back up or save to the hard drive instead of external media such as a USB drive 7 The new company that you created is a sole proprietorship 8 The new company that you created sells both products and services 9 Saving a company is the same as backing it up 10 As the administrator of the company you created, you can set up other users with more limited privileges since you have full access to all company activities and information

30 30 Chapter 1 Exercise 1-1: Follow the instructions below to complete Exercise 1-1: 1 Start QB Pro 2 From the QuickBooks desktop, select File; click on New Company 3 Use the EasyStep Interview to create a corporation named Your Name Hardware Store This is the business you will use to complete Project 1 HINT: Use the information and Steps 4-37 found on pages 9-20 in this chapter to set up Your Name Hardware Store 4 Continue with Exercise 1-2 Exercise Back up Your Name Hardware Store on to external media using Steps 1-7 found on pages Exit QuickBooks Analysis Question: Should a small business with less than 5 users that uses QuickBooks have more than one person with full administrative rights?

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