New accounts will need a tax-line mapping, and any additional sales would be mapped to “Gross Receipts and Sales.” Follow the same process in setting up your expense, asset and liability accounts. For example, if you sell widgets, you might have accounts for Blue Widget Sales and Red Widget Sales. If you want to track revenue or sales by more than one category, set up additional revenue accounts.
This will ensure that the default chart of accounts provided for your company, and tax line mapping, match your company’s business structure as closely as possible.įollow the Quickbooks “Easy Step” interview to set up an LLC on Quickbooks. For example, if your LLC will be treated as a partnership, tell Quickbooks that your company is a partnership (rather than an LLC). When asked what the business structure of the company is, choose the tax structure that you have elected (or plan to elect) for your LLC to be treated as. Open the Quickbooks software and click on the option to set up a new company. If you already have a chart of accounts or know of custom accounts you will want to set up, have that list handy as well.
If you use a business credit card or have business debt, you will also want the credit card numbers and current balances. In order to set up an LLC on Quickbooks, you will need your bank statements (for beginning account balances), your company’s Employee Identification Number and asset/depreciation schedules.
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