To do this task
Go to the File menu and click New Company.
Enter a dummy name for your company. Click Next until you can select the type of business that most closely resembles
Click Next until you are prompted to save your new company.
Enter a name for your company file, then click Save.
Print the chart of accounts for the dummy company.
Close the dummy company and reopen your company.
Go to the File menu and click Open or Restore Company:
Click Open a company file and then click Next.
Browse and select the company file and then click Open.
Print the chart of accounts for your company.
Compare the two charts of accounts:
On the chart of accounts for the dummy company, look for accounts that
correspond to the accounts you use in your own business. The account names
don't have to match—what's important is to find accounts that
track the same type of income or expense. For example, an expense account named
"Freight & Delivery" in the dummy company chart of accounts could
correspond to an expense account named "Shipping Costs" in your own
chart of accounts.
When an account on the dummy company chart of accounts corresponds to one of
your income or expense accounts, note the income tax line that QuickBooks
assigned to the account in the dummy chart of accounts.
In your chart of accounts, assign the
appropriate income tax lines.
Set up for income tax
Prepare for end of year income