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codyjerome
December 30, 2022
Question

QuickBooks Online Accounts Merging

  • December 30, 2022
  • 1 reply
  • 0 views

I have a situation where a holding company purchased multiple LLCs operating out of their own Quickbooks Online each. I'm wondering if there is a way to merge each LLC to one QuickBooks online used by the holding company, yet keep each LLC under a separate class in order to see the financials for each LLC separately. From research, it looks like you can merge data; however, that seems like I would lose the integrity of each LLC. It also looks like you can export data, then import that data into a separate Quickbooks. By that method, could you create a class for an individual LLC in the parent companies quickbooks, then upload that individual LLCs data into that specific class, then repeat for the other LLCs? My hope is to end with a single quickbooks, with multiple classes (one for each LLC/location), and keep the historical data accurate for each LLC

1 reply

LieraMarie_A
LieraMarie_A
December 30, 2022

Hi there, @codyjerome.

 

For tax reporting purposes, it's not ideal to combine separate tax entities in a single company file. Each LLC must send their own 1099-NEC, in which you can only have one EIN for each file.

 

You may use the Class Tracking feature if all are single member, same member, and only using SS number for reporting. This feature is only available for QuickBooks Online (QBO) Plus and Advanced users. On the other hand, I recommend checking with a professional to help manage your account accordingly. If you don't have an accountant, please feel free to visit our ProAdvisor website to find certified professionals near you.

 

Here's how to enable the feature:

 

  1. Go to the Gear icon in the top right corner of the screen and then Account and Settings.
  2. In the Advanced tab, select the Categories section.
  3. Check Track classes.
  4. Check Warn me when a transaction isn't assigned a class. This is optional, but it's good to turn on, so when you look at reports, you know everything got classified.
  5. Under Assign classes, select One to entire transaction or One to each row in transaction.*
  6. Select Save, then Done.

 

After that, you can set up classes to track the two LLC company. Once done, you can assign transactions to the appropriate class as you enter them in QBO. This will allow you to track the financial activity of each business separately. You can then run reports to see their financial performance.

 

Alternatively, you can have as many companies as you'd like under the same QBO account. Each company requires an additional subscription, but you can access them with the same sign-in info. This lets you quickly switch between the two to manage everything more efficiently. 

 

Be sure to let me know if you have concerns while working in QBO. I'm here to lend a helping hand. Have a good one!

S
smoneywise
February 11, 2023

Your steps to create a new class would work for my situation.  My non-profit had two separate QBO for administrative/operaions and I'd like to combine.  How do I import one of the QBO into the other using a class?

LieraMarie_A
LieraMarie_A
February 12, 2023

Hi there, @smoneywise.

 

I'm happy to show you how to transfer your company data to another.

 

You can export your lists and other data from one account and then import them to another one.

 

  1. Go to the Gear icon and select Export data.
  2. Add or remove items from the Reports and Lists tabs by toggling the slider.
  3. Click the Export to Excel button.

 

Once completed, you'll see a .ZIP file containing the exported data. You can read through his article for more detailed steps: Export Reports, Lists, and Other Data.

 

After that, follow these steps to import them:

 

  1. Click the Gear icon at the top.
  2. Choose Import data.

  3. Select the type of data that you'd like to import.
  4. Click Browse to select a file to be imported.
  5. Follow the onscreen instructions.

 

I'm also adding this article that may come in handy if you're looking for quick answers about importing data: Common Questions About Importing Data to QBO.

 

Finally, you'll want to connect your bank to QuickBooks Online (QBO) and download your transactions. This saves you time as you won't have to enter anything manually.

 

If you need further assistance with migrating your data, don't hesitate to let me know. I'll be around and more than happy to help you. Keep safe!

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