QuickBooks Online

How to Set up Company Information in QuickBooks Online 

Business owner just completed setting up his company in QuickBooks

As a small business owner, one of the crucial steps in establishing your business is to set up the financial infrastructure. QuickBooks Online, a popular cloud-based accounting software, offers an efficient and user-friendly platform to manage your company’s finances.  

In this article, we will provide a comprehensive step-by-step guide on how to set up company information in QuickBooks Online, from selecting the appropriate company type to setting up information to be included in tax forms, such as Form 1099 and payroll tax returns.

Navigating to the Company Tab

To get started, click on the gear icon (settings) in the top right corner of the dashboard. From the drop-down menu, select Account and settings. You will find the Company tab along the left-hand side of the Account and Settings window. Click on that tab to begin customizing your company information.

If you would like to try the full version of QuickBooks Online Advanced, click here to get a free 30-day no-commitment trial plus access to the full video training library.

Setting up Company Information

From the Company tab, there are several sections that you must complete, including:

  • Company Name: In the first section of the Company tab, you can enter your company’s basic information, including the legal name of your business. You must also indicate the company name, which will be used on invoices, estimates, and other sales forms. Here, you can also upload a logo that will appear on your sales forms. 

Company name section in QuickBooks

  • Company Type: In this section, you will specify the type of business you operate and its corresponding industry: Choose the category that best represents your business from the drop-down list. Options include Sole Proprietorship, Partnership, Corporation, LLC, and more. Then, select the industry that closely matches your business activities. This helps QuickBooks Online customize your account and provide relevant financial reports.

Company type section in QuickBooks

  • Address: Input your business’s physical address and company-facing and legal address, if different. These details will be used for communication and appear on invoices and other forms.
  • Communications: This section allows users to manage their communication preferences with Intuit, the company behind QuickBooks. This section provides users with control over the types of notifications and promotional communications they receive from Intuit.

Why Set Up Company Information in QuickBooks

Setting up company information in QuickBooks is a critical step for businesses using the accounting software. It lays the foundation for accurate financial management and streamlines various accounting processes. Here are the key reasons why setting up company information in QuickBooks is essential:

  • Accurate Financial Reporting: By providing accurate and comprehensive company information, QuickBooks can generate precise financial reports. These reports, such as balance sheets, income statements, and cash flow statements, offer valuable insights into your business’s financial health, performance, and trends. 
  • Customized Invoicing and Sales Forms: Setting up company information allows you to customize invoices, estimates, sales receipts, and other sales forms. You can add your company logo, choose color schemes, and include personalized messages. 
  • Tax Compliance: Accurate company information and properly categorized transactions make tax preparation smoother and more efficient. QuickBooks can generate tax-related reports and streamline the process of providing financial data to your tax professional.
  • Real-Time Financial Insights: Once your company information is set up correctly, QuickBooks can provide real-time financial insights. You can monitor cash flow, track outstanding invoices, and gain a clear understanding of your financial position at any given time.
  • Compliance and Audit Preparedness: Properly set up company information ensures compliance with accounting standards and legal regulations. Should your business undergo an audit, having organized financial records in QuickBooks makes the process smoother and less stressful.

Setting up company information in QuickBooks is essential for businesses of all sizes. It not only ensures accurate financial reporting but also streamlines accounting processes, saves time, and enhances the overall efficiency of financial management. 

Have Questions? Need Help?

If you have any questions about the features of QuickBooks Online, you can give us a call at 866-949-7267 and one of our experts can walk you through the details. 

Not using QuickBooks Online? Try it for 30 days FREE!

Just register for the free trial below and we will send you everything you need to evaluate QuickBooks Online including 30-day access, the full 76-page QuickBooks Online Guide (details everything that you can do in the software) plus the video training library.  Free end-to-end consultation and support are included so if you need any help along the way, just let us know!

Free TrialGet 50% Off