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N
Next Level Real Estate Coachin
April 4, 2019
Question

separating different income accounts within one business

  • April 4, 2019
  • 1 reply
  • 0 views

We have one qb account hoping that I can keep track of income coming from different departments.  For instance, we are in Real Estate, so we have income from sales of houses, but we also coach agents and would like to differentiate the income that comes from that business through the same set of books.  We are working under one business number.

1 reply

L
LauraAB
April 4, 2019

Hello and welcome to the QuickBooks family!

 

I can see how a real estate office would have multiple departments that you'd need to keep track of. I'll do what I can to help you figure out how to make the program work best for you.

 

Although you've chosen both QuickBooks Online and QuickBooks Self-Employed for your question, I've searched the username in my system and see that there is an associated account with QuickBooks Self-Employed. Self-Employed is great for solo business owners who don't have employees and are tracking work on the go.

 

For a real estate office, I recommend considering QuickBooks Online instead. It'll give you a wider range of options for your books, such as tracking payroll, adding class and location tracking to your transactions, and a wider range of reports that I think would be beneficial to you.

 

QuickBooks Online will also allow you to set up multiple income accounts and view them in the Chart of Accounts. QuickBooks Self-Employed will allow you to connect multiple bank accounts, but offers a more limited view than QuickBooks Online.

 

QuickBooks Online's class and location tracking in particular, I think, would be useful for what you're asking. It's available in Plus level accounts and will allow you to add what are essentially internal tags to your transactions. You could create a class for sales and another for coaching, then add them to the appropriate transactions. Then, when you want to view reports, you can filter by class and see the transactions more readily. The how to set up and use class and location tracking article has more details.

 

If you'd like to test QuickBooks Online before purchasing a subscription, try the Test Drive. It's a Plus level account with mock data that you can manipulate and play around with to see what the program can do.

 

I hope that helps. Compare the different QuickBooks options by reading the Choose QuickBooks options to suit your business page. If you'd like to make the switch to Online, you'll need to create a QuickBooks Online account and cancel your subscription to QuickBooks Self Employed.

 

Feel free to ask more questions! I'll include some helpful links below.

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