The Easy Step Interview

The Easy Step Interview




-Preparing for the Easy Step Interview

QuickBooks, the best accounting software in today’s market, kicks off with this Easy Step Interview especially created for those who have no idea of this system. Your business needs systematic book keeping strategies and QuickBooks is now introducing this Easy Step Interview to manage your business needs. If you already have a good grasp of what QuickBooks is and is already using higher versions, there is of course no need for you to get oriented with the Easy Step Interview. But for novices and fresh users, this Easy Step Interview is a good way to understand the whole software.

Those who are new to this will have to undergo a series of inquiries which were definitely tailored to build the business or company profile. If you want your business to be organized, providing accurate information to every question in the Easy Step Interview would be a great help.

Several data is needed to get started with QuickBooks. First, you must come up with a conversion date which marks your start with the QuickBooks software. This conversion date is useful to determine the range of information you are bringing into QuickBooks from a detailed standpoint. There is a big difference between conversion date and start date. For instance, Business A is a freshly established company on December 1, 2007 and started with QuickBooks on the same date. This means Business A has no prior information to be bringing into QuickBooks. December 1, 2007 is now considered as a start date and not a conversion date. What happens for new trades like this is that they just fill in QuickBooks details with present activities and other events during the date.

On the other hand, Business B has already been operating January 10, 2008 and decides to enter QuickBooks on January 10, 2009. The latter will now be considered the conversion date because it is when Business B decided to bring the company information into the system.

During the conversion date, you as the business owners need to provide the balance sheet and the profit-loss statement which will be used to fill in QuickBooks details. You also have to prepare tax return documents containing the business name, the Federal Tax Identification Number and the method of accounting previously used. Your method of accounting should be determined before entering QuickBooks. If you are not sure about it, let your accountant or CPA determine it for you.

You may also need to provide QuickBooks with a record of your accounts payable and accounts receivable which is actually dependent on the conversion date you have chosen. Further, a list containing both the information of your vendors and your customers will be asked from you. These documents and records will be the basis for QuickBooks information as it builds your company and cater to your business needs.

During the course of the interview, QuickBooks will ask you to identify in which industry your company belongs to. The industry choices may range from construction-based company to service-based company or a product-based company. Knowing the kind of industry will maximize the benefits you can have from QuickBooks.

Moreover, your company organization is also essential for the interview. You need to identify whether your business is Sole Proprietorship, Incorporated or Limited Liability Corporation.

The most complicated question to be asked in the interview would probably be the beginning of your fiscal year. This may be confusing since generally, most companies start their fiscal years from January to December. Schools and some government agencies, though, begin in June and end in July. Before identifying the fiscal year, it is necessary that you understand what is meant by this. In the accounting field, fiscal year refers to a 12-month duration utilized to estimate the company’s financial data. You have to decide when you should start your financial calculation.

All entries particularly your answers during the interview with QuickBooks tackle your business information. If you are uncertain with them especially the crucial ones like fiscal year, you need to verify them with your accountant.