Checklist For Setting Up Your Business In Quickbooks Online

QuickBooks is excellent accounting software. But can you comfortably set up QuickBooks Online all by yourself? Can you precisely set up the correct accounts, get the taxes right, and keep your books organized? We all know how important accounting is as a simple mistake can cost you dearly. But where do you turn to for info? For one, the internet is filled with lots of QuickBooks info, though most of it is scattered and in bits and pieces. To streamline your setup process and ensure accuracy, utilizing a comprehensive QuickBooks checklist can be invaluable.

It is hard to find all the info you need all in one place. This prompted us to come up with a list of all the things you need to set up your QuickBooks Online. The QuickBooks checklist is very inclusive and is relevant for all types of businesses and all subscriptions.

A checklist is an important step that helps you get organized. It makes the registration process more straightforward and all smooth sailing for all parties involved. But when you are new to this, it can be a bit confusing and tedious. We have taken the liberty of patching together a checklist of what you need to set up your business in Quickbooks Online.

Let’s get right into it, shall we?

Company details

To start QuickBooks Online, gather essential company details like name, address, location, website, and contact info. This QuickBooks Checklist ensures smooth setup, mirroring registration requirements for comprehensive organization data.

Product features you want

At this juncture, you need to answer the age-old question, what do you want to achieve with QuickBooks? By answering this question, you will be able to identify the subscription that suits you best. Some of the things to look at include;

  • Mileage tracking
  • Schedule C or estimated taxes
  • Online invoices
  • Imports from excel
  • Conversion from QuickBooks desktop
  • Statements
  • Time tracking
  • Sales tax
  • Payroll
  • Inventory (FIFO)
  • Sale receipt
  • Products and service items…..among others

Accounting system

What kind of accounting system do you run or intend to run? Generally, there are two types of accounting systems, cash basis, and accrual basis. The first is where everything is bought and paid for in cash, while the latter is where payments and receipts are received later.

Self-employed people, independent contractors, and service-based companies often go on a cash basis, with big corporations and product-based companies picking the accrual-based system. Additionally, considering your accounting needs, you might find it helpful to consult a QuickBooks online checklist to streamline your processes efficiently.

Social Security Number or Employer Identification Number

Legally, you are required to provide your Social Security number or Employer Identification Number (EIN) when setting up your company on QB Online. If you have no idea how to go about it, you can always reach out to IRS or an accountant. 

The start of the fiscal year

Indicate when your fiscal year starts and ends. If your business is new, you can choose January as the start month to run concurrently with the income tax year. 

Bank details

You need to have all the relevant bank details in check—everything from the bank account, credit cards, bank statements, and other relevant details. Credit card statements can also be included and specify between personal and business accounts. You will also need your username and password for all bank and credit card accounts handy so that you can link your accounts to QuickBooks Online. The transactions will then import directly into QuickBooks, saving you valuable time. Don’t forget to complete the QuickBooks Online checklist to ensure smooth integration.

Additionally, include loans, if you have any, and indicate the repayment details. Online banking details should also be provided if it’s relevant.

Tax information

Now, this is one area that needs your utmost attention. As a business owner, you need to provide all the necessary tax forms, and we mean all. It would be best if you started in a systematic order, start with the federal taxes, then state, then local tax forms. Don’t forget to utilize tools like the QuickBooks Online checklist to ensure you’re covering all bases efficiently. It doesn’t end there as you need the sales and payroll tax forms if they are applicable.

To streamline preparations for tax season, it’s beneficial to compile all tax account numbers and specify the applicable percentages for federal and state taxes. If uncertain, conducting research or consulting with tax professionals can ensure accuracy. This information is crucial for completing the Quickbooks Checklist efficiently.

Customer details

If your entity has been at it for a while, you need a list of all your customers. Prepare their basic information as well as preferred payment terms. The second part comes in handy when preparing the invoices.

You can import the details directly from excel or QuickBooks desktop if you already have them.

Invoice repayment terms

Invoice terms should be made clear from the word go. When it comes to the invoice terms’ net payment, you can have default or customized terms. The default terms means the invoice must be paid on receipt while the customized are cleared at your preferred date. Simply indicate when you want the invoices cleared.

Vendors’ information

Prepare in advance the details of all the suppliers, vendors, and other contractors you do business with. Get their names, contact information, locations, and payment preferences. It will come in handy, trust us.  Certain individuals and companies as well as professionals will need to be issued a 1099 by January 31st of the following year.  The penalties are high and you need all your vendors to supply you with a W-9 so that you can determine if they require a 1099 to be issued.

Company logo

It may not sound like much, but a logo goes a long way in ensuring you maintain professionalism. While at it, you can add any other information you would want to be featured in your invoices and receipts. 

The currency question

Do you transact with one currency or do you have multicurrencys ?  You need to state this in the initial set up clearly. If you only deal with one currency, you can ignore the multicurrency part.


The number of employees and how they are paid should feature promptly on the checklist. Organizing your payroll will help streamline the set-up process and keep you organized. 

Here is a rundown of all you need to set up QuickBooks Online;

  • Company name and contact information
  • Accounting system intended
  • Bank and credit card information, including the statements
  • Online banking
  • All the customer’s details
  • All vendors, suppliers and other contractors’ info
  • Tax forms
  • Company logo
  • The currency or multicurrency
  • Product features you want
  • Invoice repayment terms
  • Social Security Number or Employer Identification Number
  • Start and end of the fiscal year
  • Payroll 

Parting Shot

There you have it, folks! Using the above list, you can easily set up QuickBooks Online or help your bookkeeper or accountant do it seamlessly. Every bookkeeper and accountant will tell you; QuickBooks is excellent and great accounting software. 

Take it a notch higher and prepare the above checklist and you will be off to a great start. 

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