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November 1, 2021
Question

Can I Input 2 types of business transactions such as manufacturing company

  • November 1, 2021
  • 2 replies
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Is it possible to show these 2 types of business Financial reports show separately?

2 replies

November 1, 2021

Hi there, tanvir2. 

 

Allow me to provide insight about Financial reports in QuickBooks Online. 

 

Each business entity should have one company file or account in QuickBooks Online. Combining multiple company files into one account may cause mixed transactions or taxes when reporting to the IRS.

 

However, if you're using one EIN, you can set up classes for each company. I suggest using the same name for each bank account so it'll easily identify the correct one when creating transactions.

 

For additional reference, you can check this article to learn more about a Class feature in QuickBooks Online: Using Classes and Locations in QuickBooks Online.

 

Please know that I'm just a post away if you have any other questions about Class. Wishing you and your business continued success. 

Fiat Lux - ASIA
November 1, 2021

@tanvir2 

One QBO account is for one company file. You can manage branches/divisions by utilizing the Class/Location feature available in QBO Plus. Otherwise you should open a new account.

https://quickbooks.grsm.io/EU

 

You may also need an additional app for a manufacturing company to integrate with QBO.