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gangelo
January 12, 2021
Question

two companies, LLCs, One bank account

  • January 12, 2021
  • 1 reply
  • 0 views

I have two companies, both are LLCs. One LLC is the parent of the other. The parent has the bank account.

Is there a way to have two companies but only one bank account?

Additionally, I need to track contruction cost for development puin each LLC separately.

1 reply

LieraMarie_A
LieraMarie_A
January 12, 2021

Thanks for reaching out, @gangelo. I can find a way to set up your bank account for two companies.


In QuickBooks Desktop, you have two ways to set up bank feeds: Direct Connect and Web Connect. I'd suggest using the Direct Connect method for the parent company. Before you start, be sure to contact your financial institution to activate your account for use with QuickBooks online services.

 

Download your transactions with Direct Connect

  1. Go to the Banking menu, scroll down to Banking, and then click Set up Bank Feeds for an Account.
  2. Enter the name of your bank in the Enter your bank’s name field, then click the Search icon.
  3. Select the correct bank account.
  4. Click Continue, then enter the required information.
  5. Follow the succeeding prompts to map the account where the transactions are downloaded.
  6. Click Connect, then select Close.

 

Once you set it up, you can just automatically download your bank transaction into QuickBooks. Check out these articles for more info:

 

Then, use the Web Connect method for the second company. Using Web Connect, you can manually import transactions from your online banking account. First, you need to download a transaction file (.qbo) from your financial institution’s website. Then you import that file into QuickBooks. To use Web Connect, you must have the customer ID and password you use to sign in to your online account at your financial institution’s website.

 

Import Web Connect (.qbo) files

  1. From the Banking menu, select Bank Feeds, then Import Web Connect Files.
  2. Select the QBO file you saved, then select Open.
  3. When prompted to Select Bank Account, select:
    • Use an existing QuickBooks account if the account you're importing transactions into is already set up in QuickBooks
    • Create a new QuickBooks account if the account you're importing transactions into isn't in QuickBooks yet. Learn how to create an account.
  4. Select Continue. You'll see a dialogue box telling you that the data has been successfully read into QuickBooks. Select OK.
  5. Go to the Bank Feeds Center to review your transactions.

 

Also, you can visit this website: Fix Online Banking. It provides you the recommended solutions to help you resolve any online banking issues. 

 

Add a reply below or post a separate question if you additional help when downloading and categorizing transactions. I'm always available here to help. Have a good one.

Z
zee347
September 2, 2021

I have 2 companies, but one bank account, which I would like to use for both companies. I would like to know/learn how can I do this. I am using QuickBooks Pro Desktop.

 

I don't want to use Bank Feed, or any other method of downloading transactions from my bank, as my bank is not set up for this.

 

I have set up 2 different companies in QB, with their different sets of vendors, customers, supplier, etc., so that is not an issue.

 

My only problem is that I have one bank account, and I want to somehow use my one bank account for both these companies. Should I set up the same bank account in both companies? If so, let us say I have a transaction in Company A today, and I go to that company and enter that transaction into the said 1 bank account.

 

Now, if I , say, have 3 transactions in Company B tomorrow, and I enter the said 3 transactions in the bank account in Company B, will the said (one) bank account update both sets of transactions ? remember, the bank account is the same.

 

How do I solve this ? Any help/comments from anyone knowledgeable re this will be highly appreciated. Thanks !

 

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