What is the easiest way to set up multiple companies, with the same owner, in QuickBooks?Use the Advanced/Detailed Setup to go through the EasyStep Interview for each company, creating a separate companyfile for each.Use the Advanced/Detailed Setup to go through the EasyStep Interview for the oldest company, then click File > AddAdditional Business at the end of the interview.Purchase a separate QuickBooks license for each company. You will create different icons for each company on yourdesktop.Set up classes for each company within the parent company file. This will allow you to print financial statements for eachcompany.

Quickbooks is one of the accounting software being used for the purpose of accounting for…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Recommended Implementation Process Please do the following: Introduce yourself to your peers by sharing something unique about your background. Explain how you expect this course will help you move forward in your current or future career. Use the Internet or Strayer University Library databases and Internet, to select and review a firm that has multiple lines of businesses. For example, review the FedEx Corporation to see how it is a multiple-line business organization. You reviewed the FedEx Corporation's 2019 annual report and focused on the detailed accounting information. In this week's reading, Lin demonstrates that successful implementation of the shipping company's financial accounting information management systems must go through three steps; implementation of management system module; implementation of financial accounting function; and implementation of management accounting function. Review the recommended implementation suggested by Lin in Design and Implementation of…
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Explain the steps in setting a new business in QuickBooks. What data do you need in order to successfully complete the set-up?
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