QuickBooks Online 2021 account and settings company tab. Let’s get into it with Intuit QuickBooks Online 2021. Here we are in our get great guitars practice file, this is a new company file with no data in it so that we can practice the data input from scratch from the point where there’s nothing in it at the starting point. So in other words, this is not the free QuickBooks Online test drive company file, but rather a new company file that we can save the data as we go through the comprehensive practice problem.
00:33
Now, after having said set up the company file, then we want to review what would be the accounts and settings which would be similar to some of the preferences, the terminology in the desktop version being preferences. Here, the terminology being the account and settings. Just for a quick example, let’s take a look at the desktop version, just so you see where that is here, the Edit, drop down and in the Preferences Tab,
00:58
These are where some of the preferences are, we have this whole list of preferences on the left hand side that would then display on the right hand side in the my preferences and company preferences, tabs in the QuickBooks in the QuickBooks Online, then, we have some of those similar options that are in the cogs drop down up top, and then in the company in your company column. And then in the account and settings. So we’re going to go into the account and settings here.
01:24
And then we have our tabs on the left hand side, including company tab, billing and subscription usage, sales, expenses, payments, and advanced, we’re going to start with the company information. So we’ve got the company information up top company name, legal name, ei n number, and then we can put a picture in here if we so choose. So let’s edit some of this stuff, I’m going to edit with a little pencil on the upper right hand side, let’s put the picture in the picture could have some impact on some of the forms that we sent out depending on the settings that we have there.
01:55
And it can actually be something that could be displayed from time to time to customers. Typically, when we contact the customers, it would be something like on sales forms. And so that would be an invoice or a sales receipt type forms. And those forms can be customized as well. But let’s go ahead and just add like a little image here. So you should probably spend some time of course with with the logo, if it if you do plan on populating a logo on some of the forms that might be with your client. So we won’t spend a whole lot of time on doing that.
02:28
But just to put that in there. And then we got the company name, I’m just going to call it get great guitars. Once again, the name is going to be important because this is something that could be populating on some of the documentation that you generate from the QuickBooks system to others, such as your customers such as your sales receipts, possibly and your your invoices, then we have the Ei n number. So remember the Ei n number, or I’m not sure if we talked about this before, but the e i n number is something that you’re going to get your federal ID numbers. So when you talk about like the IRS, we’re all numbers to them. If we’re an individual, it’s our social security number, if we’re a business, then we would like to have the Ei n number.
03:12
Now, if you don’t have an Ei n number and your sole proprietorship, you may still want to get one even if you don’t have employees, because it’s an employee identification number. But even if you do not have employees, you might want to get one because if you have to give a number to somebody else, for example, if they need to 1090 give you a 1099 for income that was given to you, you need to have if you do not have an e i n number, then you’re supposed to give them your social security number in that case.
03:38
So it’s pretty easy to set up an Ei n number. So I’ll just take a look at that real quick. So if you go to the IRS website and just type in, you know, ei in number, then you can actually even search for this online, apply for an Ei and apply for an employer identification number or Ei n online step one, determine your eligibility, understand the online application, submit your application, and so on. So it’s typically a fairly easy process. To get one it might be worthwhile if you don’t have one. So I’m going to go ahead and say we have two two, and then 123.
04:11
That’s the amount of numbers so and then so let’s go ahead and save that information. So we’ll put that there. Obviously I made up the EIA number and then we got the company type. Let’s take a look at that. So I’m going to click on this which basically opens the pencil. Now we set this up when we set up the company file we set it up as a sole proprietorship this will be dependent. This is basically your your entity type or how you’ve structured your entity, sole proprietorships.
04:36
So if you report on a schedule C type of business on your tax return, you’re most likely a sole proprietorship if you’re a partnership or limited liability company for taxes you would be reporting on form 1065. Note also that if you plan on using like the tax line item type of items, then you got to make sure you’re lining up to attach to the correct tax form.
05:00
It’s not a huge concern, because I don’t think a lot of people use, you know, tax mapping. But any case, we want to get the the proper company type to be set up. And then we have the Small Business Corporation, two or more, this is for the form 1120 s, that’s a, that’s an S corporation. So that would be like, you know, trying to get the both best of both worlds from a corporation and like a flow through entity. And then we have the corporate one or more shareholders, this is the form 1120 for the C Corp, not for profit organization form 990 limited liability.
05:34
And then if you’re not sure, so we’re gonna go with the sole proprietorship here, all all, we have the industry, so we’re gonna say industry, I’m gonna say general merchandising store, because I want to be dealing with inventory in it, but you could start typing in the industry here and see the options for the industries that that would be available to you. So if I, you know, you could start typing in and it’ll give you kind of a drop down. So I’m gonna go with this. First, you’re gonna say general merchandise, General merchandise stores, there we go. So I’m gonna save that.
06:10
And then we’ve got the contact information. Again, this is something that you’re going to want to pop, if it’s going to be something that will be on the customer forum. So this is something that may be on customer forums as well. And therefore, you want to have that in place, phone number. And so I’m going to say 555-555-5555, and then website if applicable, as well. So let’s save that one. And then we have the address, of course.
06:36
And then once again, when you’re when you’re dealing with your customers, if you want the address on there, especially if you’re going to still build to you and whatnot, then you’ll need this as well possibly for both vendors and customers. Our businesses that 1710 mon Tae Si, CA lo si t, Beverly Hills, California, California. Now 90210 and then the customer facing address is going to be the same, the legal address, we’re going to keep the same so we’re going to go ahead and save that. So there’s our company information.