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B A
April 6, 2020
Question

Change "industry type" of business

  • April 6, 2020
  • 1 reply
  • 0 views

How does one change industry type of business?

    1 reply

    MaryLandT
    MaryLandT
    April 6, 2020

    Hi there, B A,

     

    You're unable to change the industry type once you've already set up a company file in QuickBooks Desktop for Mac.

     

    You'll want to create a backup of your file, create a new company with the correct industry. Then, restore the file from there. I'm glad to walk you through the setup process:

     

    1. Open QuickBooks. You’ll see the No Company Open window.
    2. Click Get Started.
    3. On the Create New Company page, enter information about your company, then click Next.
    4. You’ll see the Choose your industry and chart of accounts window.
    5. Select the type of business that comes closest to describing your company. QuickBooks creates all the accounts that have a checkmark.
    6. This is our best guess for the accounts we think you’ll need based on the type of industry you’re in.
    7. You can make changes if you like. If you make changes and want to go back to QuickBooks suggested accounts, click Default.

    After that, you can restore the backup file to the new industry created above.

     

    Don't hesitate to leave a comment if you still have questions. Thank you for posting and stay safe!

    C
    CarolynM
    September 4, 2020

    How do I change the industry type in QuickBooks Desktop Pro Plus 2020?  I chose the wrong one and all the tax mapping is wrong and I cannot access Sales & Use tax under vendors. 

      MaryLurleenM
      MaryLurleenM
      September 4, 2020

      You can edit the income tax form, CarolynM.

       

      Changing it to the correct tax form will make sure you're processing the appropriate income tax return.

      1. Go to the Company menu at the top to choose My Company.
      2. Click the Pencil icon for Company Information to access the Report Information tab.
      3. From there, select the correct tax return used by the business.
      4. Click OK to save the changes.

      Here's an article that will help you get started using QuickBooks Desktop: User guide.

       

      Furthermore, if you want to use sales tax, it's a feature you need to turn on. Here's how:

      1. Go to the Edit menu at the top, then select Preferences on the drop-down.
      2. On the Preferences window, choose Sales Tax on the left pane.
      3. Click on the Company Preferences tab.
      4. Select Yes to turn on sales tax.

       

      Once done, you can now set up a sales tax item. Here's how:

      1. On the Company Preferences tab, click the Add Sales Tax item.
      2. From the Type drop-down, choose Sales Tax Item.
      3. Enter your preferred name for the tax item on the Sales Tax Name field.
      4. On the Tax Rate (%) field, enter the specific rate for the item.
      5. Then, on the Tax Agency field, type the name of the collecting agency. If the agency is not on the list yet, select Add New to set it up.
      6. Click on OK once done.

      You can also refer to this article for more information: Set up sales tax in QuickBooks Desktop.

       

      Stay in touch with me if you need anything else.

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