How to Set Up New Books in Quicken
1. Open Quicken and update
2. Click “Use Quicken Now”
3. Procedure to set up new books: Click File → New → New Quicken File → OK → Create Quicken
File (must name and date) → OK → Next Step → Next Step → Checking Add Account → Type in
the name of the Financial Institution (where the school’s checking account is held) → Next →
Click “None of these-Use the Following” → Next → Give a name to the new Quicken account →
Next → Enter the Ending Balance from June’s bank statement and the ending date of 6/30/xxxx
→ Next Step → Next Step → Next Step → Next Step → Next Step → Done → OK
4. Click your new account under “Cash Flow Center”. Enter all beginning balances in the check
register as income for each category (the beginning balances are to be identical to the ending
balances for the previous year in both the amount and the name). If the category name does
not show in the drop down screen, click “ADD CAT” to create, remembering to click INCOME.
Put the words “beginning balance” in the Memo. Use the date 7/1/xxxx on all beginning
balances entered into the check register.
5. Enter into the check register each outstanding check (payment) from the prior year using the
date 7/1/xxxx but in the memo place the original date/name.
6. Enter into the check register a credit adjustment (deposit) for each outstanding check using the
date 7/1/xxxx .
7. Enter into the check register checks and/or deposits for July if any.
8. Delete the opening balance dated 6/30/xxxx.
9. Reconcile July’s bank statement. Remember to clear all beginning balances and the credit
adjustments for the outstanding checks.
10. With approval from the administrator, transfer and/or delete any categories not needed and/or
with a zero balance.