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J
Jaromf 11
November 10, 2018
Question

Sync Two QBO Companies into Umbrella Company

  • November 10, 2018
  • 3 replies
  • 0 views

How can I synchronize two Quickbooks Online (QBO) companies into a third/separate “umbrella” QBO company?  My objective is to automate a consolidated QBO company showing the combined performance of my umbrella organization’s two sub-companies. The sub-companies must remain separate as they are separate corporations. Syncing the two companies into a summary QBO account would save a lot of time on generating performance reports for evaluation of the umbrella organization. 

3 replies

Rustler
Rustler
November 10, 2018

There is no multiple subscription reporting in QBO so there is no way do it

you can check the app store, maybe there is something there

QBO Apps  https://apps.intuit.com/

    J
    Jaromf 11Author
    November 10, 2018

    Thanks, Rustle! I’m looking into the following Apps which help in consolidating reports:  FathomHQ, Spotlight Reporting, Qvinci, QQUBE, Bison Analytics and Infor F9

     

    Do any other Quickbooks products (e.g. Quickbooks Enterprise) enable enable rolling/syncing  two Quickbooks companies into one umbrella organization/company?  Another key objective is to track customers from both organizations in one CRM platform; the CRM I’m usuing will only sync with one Quickbooks company.  Since we cross-sell products from the two sub-companies, it helps having customers from both organizations synced into one CRM.  

      Rustler
      Rustler
      November 10, 2018

      in desktop only enterprise has a function to consolidate multiple company financial statements - all companies have to be desktop not QBO

       

      there is a third party utility to do that too if you do not have enterprise and use pro or premier

        vpcontroller
        vpcontroller
        November 14, 2018

        Even with QuickBooks Enterprise, it's not real company consolidation accounting that stays in QuickBooks as a separate consolidated file. It does not do intercompany elimination process either if you want. All it does is it will combine selective reports from multiple companies and exports to excel file. It's not an automatic report run, you will need to do this process everytime you need to consolidate multiple companies. Nothing is saved in QuickBooks, just export to excel when you want it, that's all.

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          J
          Jaromf 11Author
          November 14, 2018

          vpcontroller and Charies_M,

          Thank you for the helpful insights.  Due to the steps required, Enterprise does not appear to be a streamlined solution to getting daily quick-glances at consolidated company performance.  In addition, Enterprise is a step backwards in terms of mobile access. 

           

          I started looking at third-party apps that automate such report consolidation, but am not sure which to choose.  Is there any consolidation app that is sponsored or recommended by Intuit for small and medium size companies?  By the way, my two sub-organizations each have QBO companies with very similar charts of accounts.  If there is anyone out there who feels they've syncronized sub-companies successfully, sharing the apps and methods would be very helpful.

          vpcontroller
          vpcontroller
          November 15, 2018

          @Jaromf 11

           

          "By the way, my two sub-organizations each have QBO companies with very similar charts of accounts."

           

          If you have a similar COA template that helps a lot in the consolidation process to generate reports.

           

          "I’m looking into the following Apps which help in consolidating reports:  FathomHQ, Spotlight Reporting, Qvinci, QQUBE, Bison Analytics and Infor F9 "

           

          Seems like you've already selected good apps. You may also want to check out the reviews. You can always call them directly for more information, see if they offer a free trial.

           

           

          S
          splash001
          November 24, 2019

          Hi,

           

          You might want to also consider Joiin - this is a QuickBooks Online add-on which performs multi-entity consolidation at a fraction of the price of other add-ons mentioned in this thread and includes all the features such as multi-currency, eliminations, custom reporting, budgeting, reporting by class and company.

           

          https://apps.intuit.com/app/apps/appdetails?shortName=joiin

           

          Hope this helps.

           

          Rob

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