This is a list of the information that you will want to have on hand before you start setting up an electronic accounting system for your small business or non-profit organization. The list may vary depending on the type of organization and legal setup.
Company data
| Company legal name and address | |
| Federal EIN or social security number | |
| Fiscal year dates | |
| Name of the income tax form the client files | |
| Accounting basis (cash or accrual) |
Chart of accounts
| Names, numbers, and descriptions for the chart of accounts (use the existing chart of accounts, if available) | |
| Financial statements as of the end of the prior tax year | |
| Trial balances as of the QuickBooks start date | |
| List of department or location classifications (for the Class list) | |
| Numbers and balances (from the start date through today) for the following types of accounts: bank, credit card, loan, and lines of credit | |
| Value of assets (including original cost and accumulated depreciation for fixed assets) | |
| Equity information including all owner’s contributions, plus retained earnings for each year the company has been operating |
Customers and Jobs list
| Customer numbering scheme | |
| Information to complete the Customer list: names, addresses, contact information, taxable status, etc. | |
| Customer payment terms | |
| Customer shipping methods | |
| Customer types | |
| Open balances or outstanding invoices as of the start date |
Vendor list
| Vendor numbering scheme | |
| Information to complete the Vendor list: names, addresses, other contact information | |
| List of 1099 vendors and their tax ID numbers | |
| Vendor payment terms | |
| Shipping methods | |
| Vendor types | |
| List of outstanding bills as of the QuickBooks start date |
Item list
| List of all inventory, non-inventory, service, and other items to complete the Item list | |
| Price list for all items | |
| Inventory numbering scheme | |
| Quantities on hand and values for inventory as of the start date | |
| Desired reorder points for all inventory items | |
| Taxable status for each item | |
| List of states in which the company pays sales tax | |
| Sales tax rates, sales tax agencies, and the sales tax liability as of the start date | |
| Frequency of sales tax reporting (monthly, quarterly, annually) | |
| Sales tax calculation basis (cash or accrual) | |
| Type of sales (wholesale, retail, out of state) | |
| Manufacturer’s part numbers for client’s vendors |
Fixed Asset Item list
| Asset name | |
| Account used to track the asset | |
| Purchase date, cost, and vendor | |
| Description, location, and warranty information |
Employee list
| Employee numbering scheme | |
| Information to complete the Employee list: names, addresses, telephone numbers, social security numbers, etc. |
Determine the following items for payroll:
Form 941 Deposits:
| Monthly | |
| Each pay-period |
State Withholding:
| Monthly | |
| Quarterly | |
| Annually | |
| Multi-state (Specify:_________________) |
Local Withholding:
| Monthly | |
| Quarterly | |
| Annually |
Unemployment Tax:
| FUTA | |
| SUTA (Rate:________) |
Assemble the following:
| YTD information for each employee as of the start date | |
| Accrued benefits including sick and vacation time for each employee as of the start date | |
| Earnings, additions, and deductions for payroll processing (SEP, union benefits, 401(k), reported tips, etc. | |
| Employer federal, state, and local tax identification numbers | |
| YTD payroll liability payments |
Entering historical transactions
| Accounts receivable transactions | |
| Accounts payable transactions | |
| Historical payroll transactions | |
| Bank and other transactions |