[Question] Quickbooks 2009

[JoCarole]

I am reading up on QB never used it before. I am trying to set up my company profile on this system and I am already stumped on the first question.

I have to set up my calender system for either the fiscal year or January 1st. I am thinking Jan 1st but the directions say that most people set it up for the fiscal year. Not sure what to do. Any suggestions on this?

Thanks!

[lf business]

JoCarole

Do you remember how you set up your LLC.? Normally it is January but if you are not sure look at your legal paperwork or your last tax return.

[JoCarole]

Thanks Lori, very helpful I set up my LLC in August actually. So that would be the start of my fiscal year?

I would like to use January as a starting point though. Would that be possible?

Thanks....

[leedrozak]

JoCarole,

Here is a great viewpoint from Jean Murray, MBA, PhD

A sole proprietorship, or a business that is taxed as a sole proprietorship (single-member LLC, for example) must use a December 31 fiscal year-end to match the personal tax year end.

A fiscal year is also the time when the company takes stock internally, determines inventory, and reports annual earnings.

[JoCarole]

Ok, Lee, I got it now, thanks for that tip

[VirtualA]

Intuit has a training CD that walks you through the process. I purchased mine on E-Bay for a fraction of the cost that Intuit sells it for. I highly recommend the CD in addition to the book. Good Luck!

[SaraASB]

Unless you are a LLC operating as a C-Corporation, your year end is 12/31, so start your books 1/1

[JoCarole]

Sara, my business is set up as an LLC but not for a C-corporation, thanks.

VirtualA, thanks I will have to look at ebay.