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How to setup a new company file in QuickBooks Desktop

setup a new company file in QuickBooks Desktop

How set up a new company file on a QuickBook desktop is an essential step. This helps in saving all the financial details of the company, which can be easily retrieved later for reference. The best part is that QB allows the user to save numerous company files for multiple businesses. However, this is done without the hassles and confusion in a well-sorted manner, so as to ensure all your records are in proper order. So, let us get into the steps that are involved in setting up a new company file on a QuickBook desktop.

Steps to setup a new company file in QuickBooks Desktop


  • Go to File Menu
  • Click on ‘FOR MYSELF’
  • Go to ‘OTHER OPTIONS’ located at the bottom left side of the screen
  • Click on the OPTION for a DROP DOWN MENU to emerge

Step 2: Enter Your Company Information

    Fill in all the company details as required into the relevant boxes as per precision
  • You can simply fill in the REQUIRED FIELD details as required and leave the rest for later
  • Next, you will get the SELECT YOUR INDUSTRY window

Step 3: Select Your Industry

  • Click the drop box to reveal a long list of all the industrial field options
  • Click and select the right one as per your relevance
  • Click on NEXT, after you have selected the right industry type
  • You will get a new window ‘HOW IS YOUR COMPANY ORGANIZED’

Step 4: Organize Your Company & Select Your Fiscal Year

  • How-is-your-company-orgnised
    Select the right option and click on NEXT
  • This is the period where and when the accounting of your company starts. This is usually different for different countries, hence you will have to enter the month as per the trends in your country
  • Click on NEXT once you have made the right entry
  • You will now get the SET UP YOUR ADMINISTRATOR PASSWORD window. However, this is completely optional and can be set up later as and when you require.
  • Click on NEXT
  • You will get a CREATE YPUR COMPANY FILE. Once you get this click on NEXT at the right bottom of the screen.
  • This will reveal a drop down list of where to SAVE the file. By default the system will ask you to save the COMPANY FILE in the C-DRIVE. Avoid this, as it is here that the software data of your system is usually saved.
  • For the safe side, SAVE the COMPANY FILE into some other DRIVE (D, or some other). This will ensure that your data is saved despite your system suffering a condition of corruption or any other such issues.
  • Go to D-DRIVE > create QUICKBOOK folder > ACCOUNTING file (or any other name as per your requirement)> SAVE.
  • This will be saved as ACCOUNTING PRO. QBW. This is the extension called ‘QUICKBOOKS WORKING FILE’.
  • Now, click on SAVE
  • You will be directed to the ‘CREATE YOUR COMPANY FILE’  window
  • Now, the QB company file has been created and you will be able to see the software version of the QB file on the top BLUE BAR of your screen.
  • Click on NEXT
  • You will be directed to the ‘WHAT DO YOU SELL?’ window
  • Read the three different options offered on the screen carefully and select the right option as per your relevance.
  • Click on NEXT
  • You will get the ‘DO YOU CHARGE SALES TAX’ window
  • Select on NEXT
  • You will get the DO YOU WANT TO CREATE EXTIMATES IN QUICKBOOKS? This is where you declare if you are dealing with Bids, quotes or proposals.
    If you select on the YES option, you will have to provide with quotations in case you are a supplier or a wholesaler.  
  • Now click on NEXT
  • You will be directed to the TRACKING CUSTOMER ORDERS IN QUICKBOOKS page
  • This page is all about the SALES ORDER for the largescale business. Here you will fulfill the sales order to your customer as required.
  • You will have to send the INVOICE to your customers as well according to the sales order in order to receive the payments for your order.
  • Click on YES  and NEXT to go to the USING STATEMENTS IN QUICKBOOKS page.
    This is the details that showcase the ledger, the number of invoices generated, the payment so far given to the customer, and more.
  • Now, click on YES and NEXT
    You will be directed to USING PROGRESS INVOICING page. This is relevant in the case you are in CONTRACT with a certain company. This page is for you to be able to generate the required INVOICES as per the orders completed so far (the milestones).
  • Click on YES and click on NEXT
  • You will be shown the MANAGING BILLS YOU OWE

Step 5: Manage the Bills You Owe

  • managing-bills-you-owe
    This is an important step for those of you who have issued a CREDIT from the market for your goods and supplies. This helps keep a record of the relevant bills for your reference, as it makes keeping track of your LIABILITIES AND IMPENDING PAYMENT to be offered into the market.
  • Click on YES and NEXT
    You will be directed to TRACKING INVENTORY IN QUICKBOOKS. This is the STOCK that you need to keep track of in case you are a wholesaler, supplier, or retailer. It offers a clear picture of the sales, purchases, and inventory available at the point with you.
  • Click on YES and click on NEXT
    You will be directed to the TRACKING TIME IN QUICKBOOKS page. This is beneficial if you are paying your employees on an HOURLY basis, or you wish to bill your customers on an HOURLY basis, or if other job costing analysis is required.
  • Click on YES and NEXT.
    Now, you will be directed to the DO YOU HAVE EMPLOYEES? Page. This will consist of two different options. One is for the SALARIED EMPLOYEES and the other is for the CONTRACT BASED EMPLOYEES. Select the required option and click on NEXT.
  • Now, you will be directed to the USING ACCOUNTS IN QUICKBOOKS page.
  • Click on NEXT
  • Now, you will find yourself at the SELECT A DATE TO START TRACKING YOUR FINANCES, page. This is the date at which you stated using the QB. Select the right option and click on NEXT.
  • Next you will be directed to the REVIEW NCOME AND EXPENSE ACCOUNTS page. You will find a DROP DOWN LIST. This is the CHART OF ACCOUNT recommendation according to your previous choices. Essentially these are HEAD OF ACCUNTS that can be directly used within the QB according to the previous data fed by you.
  • Select the suggestion as and if required by you. In case you DO NOT need any of the recommendations, you can simply UNCHECK the recommendations. Remember that every single HEAD has its own details and relevant characteristics.
  • CLICK on RESTORE RECOMMENDATIONS located at the bottom left of the page, in case you need to restore the recommendations back into the list.  
  • You will finally be shown the CONGRATULATIONS. This implies that the setup is now completed.
  • Now, click on GO TO SET UP, for the basic completion of the configuration for the QB.

Step 6: Setup Basic Completion of the Configuration for the QuickBooks

  • get-all-the-details-into-QuickBooks-Desktop
    You will be directed to the GET ALL THE DETAILS INTO QB DESKTOP page as shown above.
  • Here you will be shown three specific options:
    • ADD THE PEOPLE YOU DO BUSINESS WITH: This includes your vendors, Customers, and Employees.
    • ADD THE PRODUCTS AND SERVICES YOU SELL: This inlcudes the services and the products you own or have and wish to sell
    • ADD YOUR BANK ACCOUNTS: This includes the various banks you hold accounts at.
  • The above options can be accessed at this point, or even later as per requirements.
  • After selecting the required options as and if required, click on START WORKING located at the very right end of the screen.
  • You will be directed to a new Welcome screen like below:
    This will offer you a tour of the new and upcoming features of the latest versions of the QB. This can be viewed later on at the HELP option located at the top main MENU of the screen under NEW FEATURES.
  • Now, you have at your disposal the welcome screen of your completed setup and it looks something like the below:
    • setup-and-it-looks-something
      The above screen shot offers the idea about the WELCOME screen you will see once the set up has been completed.
    • The TOP MENU  and all the OPTIONS on the Window are ACTIVE and can be accessed.
    • Now, your COMPANY FILE has been completed and the set up is complete
    • Now, go to the main menu and click on CLOSE COMPANY FILE
    • You will receive a window display as above. Here you can easily dedect the location of the company file at the D-drive or any drive that you have selected to do so.
    • Now, click on FILE option at the top main MENU  to select on EXIT.
    • Lastly, you will be directed to the desktop of your computer screen where you can easily see the QUICKBOOK LOGO among the various other icons.


QuickBooks is one of the best accounting software that has been used by individuals, companies, and businesses all over the world. Its user-friendly interface and directions make it possible for people from any and various wakes of life to able to access the pleasures of easy accounting in a breeze.

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