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Small business accounting setup checklist

Here is a list of the information that you will want to have on hand before you start setting up an electronic accounting system for your small business. The list may vary depending on the type of business.

Company data

	Company legal name and address
	Federal EIN or social security number
	Fiscal year dates
	Name of the income tax form the client files
	Accounting basis (cash or accrual)

Chart of accounts

	Names, numbers, and descriptions for the chart of accounts (use the existing chart of accounts, if available)
	Financial statements as of the end of the prior tax year
	Trial balances as of the QuickBooks start date
	List of department or location classifications (for the Class list)
	Numbers and balances (from the start date through today) for the following types of accounts: bank, credit card, loan, and lines of credit
	Value of assets (including original cost and accumulated depreciation for fixed assets)
	Equity information including all owner's contributions, plus retained earnings for each year the company has been operating

Customers and Jobs list

	Customer numbering scheme
	Information to complete the Customer list: names, addresses, contact information, taxable status, etc.
	Customer payment terms
	Customer shipping methods
	Customer types
	Open balances or outstanding invoices as of the start date

Vendor list

	Vendor numbering scheme
	Information to complete the Vendor list: names, addresses, other contact information
	List of 1099 vendors and their tax ID numbers
	Vendor payment terms
	Shipping methods
	Vendor types
	List of outstanding bills as of the QuickBooks start date

Item list

Fixed Asset Item list

	Asset name
	Account used to track the asset
	Purchase date, cost, and vendor
	Description, location, and warranty information

Employee list

	Employee numbering scheme
	Information to complete the Employee list: names, addresses, telephone numbers, social security numbers, etc.

Determine the following items for payroll:

Form 941 Deposits:

	Monthly
	Each pay-period

State Withholding:

	Monthly
	Quarterly
	Annually
	Multi-state (Specify:_________________)

Local Withholding:

	Monthly
	Quarterly
	Annually

Unemployment Tax:

	FUTA
	SUTA (Rate:________)

Assemble the following:

	YTD information for each employee as of the start date
	Accrued benefits including sick and vacation time for each employee as of the start date
	Earnings, additions, and deductions for payroll processing (SEP, union benefits, 401(k), reported tips, etc.
	Employer federal, state, and local tax identification numbers
	YTD payroll liability payments

Entering historical transactions

	Accounts receivable transactions
	Accounts payable transactions
	Historical payroll transactions
	Bank and other transactions

	List of all inventory, non-inventory, service, and other items to complete the Item list
	Price list for all items
	Inventory numbering scheme
	Quantities on hand and values for inventory as of the start date
	Desired reorder points for all inventory items
	Taxable status for each item
	List of states in which the company pays sales tax
	Sales tax rates, sales tax agencies, and the sales tax liability as of the start date
	Frequency of sales tax reporting (monthly, quarterly, annually)
	Sales tax calculation basis (cash or accrual)
	Type of sales (wholesale, retail, out of state)
	Manufacturer’s part numbers for client’s vendors