After getting QuickBooks, you need to set it up and have it ready for use. You need to set the basics right for ease of use. This post covers the steps you’ll need to follow and the best practices of using this popular accounting software.
How to set up QuickBooks for use
Here’s the step-by-step process for using the software in Kenya.
1. QuickBooks software installation
The first step is to install QuickBooks software and shared it if used by more than one
person. QuickBooks can as well be shared online when various users are located in
different geographical locations.
2. Company profile
With the help of qualified personnel, (an accountant) create a new company profile in
QuickBooks. At this stage, you required all details as per the company or organization
registration certificate, Physical address, Telephone numbers, company email and
The accountant will proceed with proceed giving commands to other areas to
allow QuickBooks to give out correct reports depending on the name of the company.
For instance, if the company will use more than one currency (Multicurrency), the user
has to set multicurrency to allow other currencies but the primary currency should be in
Kenya Shillings for easy reporting when it comes to taxes applicable in the country.
3. Charts of Accounts
Chart of depends on the nature of company or institution. This should be created by qualified personal since they will form the basis for reporting. At this stage, the user should
be able to separate balance sheet items with profit and loss.
4. Customers and suppliers’ databases
The user should ensure correct databases for both customers and suppliers. Each database should at least include a Name, Telephone number, email address and physical
address. This will help the company or organization to be able to issues statements,
verification of customer and supplier balances and also contact customer or supplier
when the need arises.
5. Invoices, delivery notes, purchase orders etc.
The above documents can be customized to suit the company or user preferences.
Company logo can be added, Customization can be done to set what appears in each
row and column.
6. Daily posting
Daily transactions need to be posted on a timely basis and bank reconciliations are done
through the system on a timely basis. This control will safeguard the assets of the
company including cash. Any reconciliation discrepancy should be explained and
necessary authorized journals passed.
7. User Rights
In an environment where more than one person uses QuickBooks software, it is
advisable to issue rights for each user and individual passwords to log in. This helps
keep the audit trail in case of fraud.
8. Regular backups
There is a need for regular external backups to ensure the company data is safe at all
times. The backup copy should be stored away from the company premises for security
Lastly, these are some of the highlights on how to use accounting software
(QuickBooks). In order for a user to efficiently use QuickBooks, they need to have a
good understanding of accounting principles and vast knowledge of QuickBooks use.
We can be contacted in case of any assistance or needs for training.