QuickBooks Setup Checklist for New Small Businesses
Use this QuickBooks setup checklist to connect accounts, build a chart of accounts, configure sales tax, and start monthly reconciliation correctly.
Short answer
Set up QuickBooks by connecting business bank accounts and credit cards, building a useful chart of accounts, adding products and services, configuring sales tax and payroll if needed, and reconciling monthly.
Checklist
- Connect business bank accounts.
- Connect business credit cards.
- Set up a clean chart of accounts.
- Add products, services, customers, and vendors.
- Configure sales tax carefully if taxable sales apply.
- Set invoice templates and payment workflows.
- Set payroll categories if payroll is needed.
- Create bank rules carefully and review them.
- Reconcile every month.
Common mistakes
- Expecting QuickBooks to do everything automatically.
- Creating too many chart of accounts categories.
- Turning on broad bank rules without review.
- Skipping the first monthly reconciliation.
- Mixing personal and business accounts from the start.
Examples for service businesses
- A lawn care company may need taxable and non-taxable services separated before invoices go out.
- A contractor should decide how to track materials, subcontractors, and job deposits.
- A new service business with payroll should separate wages, employer taxes, and reimbursements.
Bank feeds still need review
Bank feeds are helpful, but they are not a substitute for bookkeeping. Imported transactions still need review, matching, categorization, and reconciliation.
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