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 |