Accounting software plays a major role in each and every business and it is necessary to maintain all the transactions for further reference and tax refund. There is a possibility of data loss due to a simple mistake while installing and setting up the software on your system with no support. Hence, while migrating or upgrading to better accounting software like QuickBooks, it is very essential that you take care of the following things.
1. Update Previous records
While setting up the new company, you need to keep a record of all the past balance sheets, profit, and loss reports. While making the Company file, you can go to the Chart of Accounts and then organize it. QuickBooks has the additional function that will create a Chart of Accounts automatically when you create a company according to the field and business type.
2. Choose your financial year
It will be wise to start using QuickBooks according to the financial year cycle of your country. If you purchased QuickBooks in the month of March and the financial year started in January, then it is advisable to enter all the transaction details from the month of January. It is a good practice having a clean start or a full-fledged start for the financial year.
3. Customize templates for Invoice, Journals
You need to ensure that your brand logo and company details are mentioned on each invoice that you send to your clients and customers. Hence it is essential to customize the Invoice. You also need to take care of the Local rules set up by the Federal tax authorities and the structure that they need for the Tax Invoices. In UAE, the TAX Invoice needs additional columns for Amount inclusive of Tax for each column and other few details that are not included in the QuickBooks software. We provide additional software that works parallel with the QuickBooks desktop application. It can be used to print the invoices according to the UAE FTA rules.
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4. Setup Items/Goods/Services that you offer
You need to specify all the goods, items and services that you provide along with the price that it is offered at. This will help you to prepare the invoices, journals, purchase orders, and estimates. You need to add all the items of your inventory and manage them wisely so that it is clear for reference by your managers and other teams.
5. Setup Tax Settings
Always choose the right country while setting up your company as this cannot be changed later on. Also, you need to set the taxes and the percentage of tax that is applicable to each good. QuickBooks will automatically calculate and give you the VAT amount charged on the tax invoice that is generated.
We at Peniel technology LLC provide full support and training for QuickBooks and help our clients who purchase the product from us with the installation and initial setup for their company according to their functioning and field of service. If you have any doubts and queries, we can help you out. Contact us by filling the form on the Contact us page or via the Chat column that is on our homepage.