It will create a QB64 folder. Put any BAS files that you want to run in that folder. You don't need to do anything else to set it up.
Click on QB64.EXE to run the IDE. In Options Menu the About should tell you version .94. If so, go to the File Menu and click Update and it will update to .942. That is the latest version.
To compile open any BAS file from the IDE File Menu list and press F5 or create a batch file for drag and drop compiles:
QB64.EXE -c %1
If you want some shortcut scripts and batch files to add to the right click Open With menu I have them here:
I also have made up a ZIP file for all of the DLL files to be included with a program that you want to share with others. Just unzip the contents into a folder containing the program EXE to run it outside of the QB64 folder: