5. Company Setup

WHAT YOU’LL LEARN

  • Questions to Ask Your Accountant
  • Basic Accounting Terms
  • Company, Financial Accounts, and Sales Tax Settings
  • Vendor, Customer, Employee, and Item Setup

The Company Wizard is complete and your new company files are set up. It’s time to enter basic information about your company. This is the key to future happiness with Express or any other accounting system. Complete this chapter before entering daily transactions.

Setup is dependent on the type and form of company, taxes, and government regulations. Discuss the following with your accountant:

  • Company form—Proprietorship, partnership, corporation: subchapter S, LLC, C
  • Company accounting basis—Cash or accrual
  • Company year—Fiscal year or calendar year
  • Start ...

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