During QuickBooks initial setup, the program asks users to choose their industry. Sometimes the user's industry is not clearly mentioned. For example, "Computer Service and Repair" is not one of the choices. I'm sure many other businesses are not listed in the "Select Industry" section of the QuickBooks setup screen.
QuickBooks asks the industry for two reasons:
- So you can load an invoice frame that closely matches your needs.
- So you can load pre-set reports that fit tightly into what you need
If the industry is not on the list, do not worry. Choose the most appropriate industry by looking at the source of your business's revenue. This will help determine the industry's close match.
If you want to use the above example "Computer Repair and Repair" when most of the business line comes from retail, I suggest you select the Retail Industry. If the majority of this revenue comes from consultants and services, I suggest that you opt for the Adviser industry.
Therefore it does not need to be exactly the same as the industry:
1. QuickBooks is extremely flexible on accounts. Even though QuickBooks loads a pre-set account tree tailored for individual industries, accounts can be easily added or modified. If you choose a sector with a close match, you can create or delete accounts that are tailored to your business.
2nd QuickBooks is extremely flexible in the reports. In fact, one of the most important things I like most about QuickBooks is the powerful reporting capabilities. Although pre-set reports for particular industries are nice, custom reports can easily be created and memorized, no matter which industry chooses the setting.
I'm a huge fan of installing QuickBooks first. One of the most important parts of the installation is the Account Mirror. But do not worry if the industry is not immediately visible as QuickBooks is very forgiving when you choose the wrong account number. Add, delete, or edit accounts as needed.