Setting Up QuickBooks

From FloristWiki

Contents 1 Step 1: Confirm the License Key is Valid 2 Step 2: Install QuickBooks 3 Step 3: Open QuickBooks and Activate the Software 4 Step 4: Set Up Your Chart of Accounts 5 Step 5: Enter Your Company Information in QuickBooks 6 Step 6: Enter Your Opening Balances

Some things to consider before beginning:

• Because QuickBooks must be installed on the FTD Mercury Server, you must think about how and where you will be doing your bookkeeping.
• If you have one shop, you will create one company in QuickBooks for your one location. If you have multiple shops, you can either set them up under one QuickBooks company, or you can create multiple QuickBooks companies. The option that you choose depends on how you run your business (for example, do you have one bank account for all locations, or do you keep the accounting separate?). Again, we recommend that you turn to your accountant first for advice on setting up QuickBooks before calling FTD.
• Your QuickBooks company file is backed up every night during your FTD Mercury nightly backup.

Step 1: Confirm the License Key is Valid

After you purchase the FTD Mercury Accounting module, the Mercury Technology Assistance Center sends you a General message that enables the features on your system. Before you begin setting up QuickBooks, make sure that the General message has turned on the features for you.

To check that the module has been enabled, in Mercury Administration go to the License screen and make sure that Accounting Module Name reads Valid.

If the Accounting Module Name reads Deactivated, call the Mercury Technology Assistance Center at 1-888-309-2244 and a support representative will activate the module for you.

Step 2: Install QuickBooks

IMPORTANT: If you are an existing QuickBooks customer, skip this step and proceed to the next step.

The second step is to install QuickBooks Pro on your FTD Mercury Server PC. If you already have QuickBooks Pro installed on another computer, you must locate the installation CD and re-install it on your FTD Mercury Server (the integration to FTD Mercury will not work if you don’t).

IMPORTANT: If, at any point, you need to upgrade to a new version of QuickBooks, you must uninstall the older version before installing the new version. To install QuickBooks:

1. Shut down all running programs, including virus protection programs.
2. Insert the QuickBooks CD into your computer’s CD drive. The installation begins automatically.
3. Follow the prompts to install the software.

If you have any questions regarding the installation, refer to the QuickBooks Startup Guide that came with your QuickBooks software.

Step 3: Open QuickBooks and Activate the Software

Next you must open QuickBooks and activate the software. You will need the QuickBooks license key that came with your QuickBooks materials.

This step is required before you can set up your Chart of Accounts. If you do not complete this step, FTD Mercury will not be able to set up your Chart of Accounts in QuickBooks.

To open QuickBooks and activate the software:

1. Double-click the QuickBooks Pro icon on your FTD Mercury server desktop to start the software.
2. On the Help menu, click Register QuickBooks.
3. Follow the prompts to register the software.

Step 4: Set Up Your Chart of Accounts

The next step is to set up your Chart of Accounts in the Chart of Accounts wizard.

IMPORTANT: FTD strongly recommends that you speak with your accountant before setting up your Chart of Accounts.

You will need the following information:

• If you used QuickBooks before upgrading to Accounting, or if you used the legacy GL Export feature (General Ledger Export) in FTD Mercury, make sure you have a printed copy of your old chart of accounts. You will want to refer to this list to make sure all of the accounts you need are created in the Chart of Accounts Wizard. You may also want to assign the same account numbers to the accounts.
• If you have multiple stores, you must know if you will be creating one QuickBooks company for all stores, or multiple QuickBooks companies.
• Your main bank account name. The main bank account is used for cash sales, house accounts paid by cash or check, paid-outs/paid-ins, and cash over/short.
• Any additional bank accounts, for example for payroll or credit cards.
• Your credit card accounts, and the account to which they will be deposited.
• You must decide whether each of your paid in or paid out types is related to Cost of Goods Sold or Operating Expenses.
• If you plan on adding paid in/out types or product categories in Mercury Administration, please do so before beginning the Chart of Accounts Wizard. Otherwise you will have to create QuickBooks accounts for these items later.
• All product sales are exported to QuickBooks by product category (Fresh Flowers, Cards, Containers, etc.), NOT by General Ledger account number. By default, all products in your FTD Selection Guide (florist directory) have the default product category of Other. Therefore when exporting data to QuickBooks, dollar amounts for those products are imported into the “Other” income account. If you do not want the dollar amounts going to the “Other” income account, you will have to change the product category for each of the Selection Guide products so that they are imported into different income accounts.

If you decide to change the product categories of the Selection Guide products, note that when you update your florist directory you will also have to change the product categories of any products that were added during the upgrade.

Step 5: Enter Your Company Information in QuickBooks

Next you must open QuickBooks and type in your company information (shop name, address, tax ID, etc.) so that the information is correct on reports and tax forms.

To enter your company information:

1. Double-click the QuickBooks Pro icon on your Windows desktop to open the program. The following window appears.
2. Highlight your QuickBooks company file and then click Open.
3. You are prompted for a password. Type admin (in lowercase letters). Bullets appear to protect your password.
4. Click OK.
5. Click the Company menu in the menu bar, and then click Company Information. Update the information in this screen and then click OK.

Step 6: Enter Your Opening Balances

Next you may want to enter the opening balance for each of your QuickBooks accounts. If you are not ready to enter your opening balances, you can do this at a later time.

To obtain your opening balances, ask your accountant to provide you with a Trial Balance for your start/transition date (the start/transition date is the date that you are moving from your old bookkeeping method [or old QuickBooks company file] to your new QuickBooks company file with FTD Mercury). If a Trial Balance is not available, use a year-to-date financial statement as of your start/transition date. To help you calculate your opening balances, you will also need a bank statement for accounts that receive one (so that you can see which checks have cleared and record service charges and interest), as well as a list of your outstanding checks and deposits.

Using these tools, work with your accountant to determine the opening balance for each of your accounts, and then enter them in QuickBooks. Refer to the QuickBooks online help for instructions.