However, the regular calendar year, January 1 through December 31, is used to report revenues and expenses for the purpose of paying taxes (if applicable) to the I.R.S. At the end of a company’s chosen fiscal year, it will report what it has earned from day 1 to day 365. Best Buy’s fiscal year generally begins at the beginning of March and ends at the end of February of the following year. Federal Government’s fiscal year begins on October 1 and ends on September 30 of the following year. A company can choose at its discretion when to start and end a fiscal period. A fiscal year is a one year reporting period that a company uses for accounting purposes. Choose the first month for the fiscal year. The options are Sole Proprietor, Partnership, LLC, Corporation, S Corporation and Non-Profit.Ħ. Choose how your company will be organized. The industry that you choose will help QuickBooks suggest which accounts should be included in the chart of accounts.ĥ.
In the video, we chose Lawn Care and Landscaping. If you do not have a Federal Tax ID number and if you aren’t going to hire employees, then you can use your social security number.Ĥ. If you are going to hire employees later, then you must have a Federal Tax ID number(also called Employer Identification Number – EIN) and you can apply for one here. The only way you can get a Tax ID number is to apply for one from the federal government. One of the most important pieces of information that you will enter is the Tax ID. It will also give you more control when setting up the chart of accounts and other things.ģ. Select Advanced Setup: This will allow you to set up more features during the beginning stages of setting up your company. To begin creating a new company, click File on the menu bar,then click New Company.Ģ. Here is a summary of the steps performed in the video below:ġ.
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