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Polecat
August 20, 2022
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Multiple Small Businesses Under Just One Account

  • August 20, 2022
  • 2 replies
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I have 3 small businesses.  I'm a live performing musician.  I do some freelancing social media/YouTube internet as a business and I am being paid as a CareTaker out of a family Trust.  

 

I am wondering if I can keep track of the income and expenses of each business using just ONE account in Quickbooks?  I've been using Excel but it is labor intensive at tax time and when someone asks for a P/L statement, it's a pain in the butt to make up one.  

 

It is possible to tag or label each business in a way separately in Quickbooks so I can see each business and run totals on them separately?

 

Thanks for your reply.

Best answer by Fiat Lux - ASIA

One QB Online account is for one company file. You can utilize the class tracing in QBO Plus or Advanced to manage branches/divisions.

https:// quickbooks.grsm.io/US

https:// quickbooks.grsm.io/us-promo

 

I would recommend to use QB Desktop Premier instead to manage multi company files. You can still purchase the one time license for QB Desktop 2021 if required.

2 replies

Fiat Lux - ASIA
Fiat Lux - ASIAAnswer
August 20, 2022

One QB Online account is for one company file. You can utilize the class tracing in QBO Plus or Advanced to manage branches/divisions.

https:// quickbooks.grsm.io/US

https:// quickbooks.grsm.io/us-promo

 

I would recommend to use QB Desktop Premier instead to manage multi company files. You can still purchase the one time license for QB Desktop 2021 if required.

AlcaeusF
AlcaeusF
September 6, 2022

Hello Fiat Lux - ASIA,

 

I have reviewed the solution you’ve shared and it's correct and accurate. Thank you for sharing your inputs to help address the issue.

 

We love to see members supporting one another! Have a great day. 

Angelyn_T
Angelyn_T
August 20, 2022

Welcome to the Community, @Polecat. I appreciate your interest in QuickBooks Online (QBO). I can share some insights about working with multiple businesses using our software.

 

Usually, one QBO account is for one company file or business only. This is to keep track of the taxes and forms on each field. If don't need to file taxes separately for these businesses, you can classify your transactions for each by utilizing the Class or Location feature available in QBO Plus and Advanced. Otherwise, you should open a new account. 

 

Each account has its own paid subscription. To get a new subscription:

 

  1. Go to the QuickBooks pricing page.
  2. Choose your plan. 
  3. Follow the onscreen pop-ups to complete the setup.

 

I'm adding this link to learn more about managing multiple company files in QBO: Create or add another company file to QuickBooks Online.

 

On the other hand, yes, you can purchase QuickBooks Desktop (QBDT) to manage multiple files under one license as suggested by Fiat Lux - ASIA above. You can get started and create a new file following the steps from here: Create a QuickBooks Desktop company file.

 

Depending on the product you want to purchase, you can always read through the resources from our self-help articles for additional tips while working with the other features offered by QuickBooks.

 

 Let me know if you have any other questions while handling your businesses with QuickBooks. I'm more than happy to help. Keep safe!

J
jcoddin1
January 29, 2024

At Friends of the Library, each of our branches operates separately with individual P&Ls and B/Ss, but there is only one non-profit legal entity. All branches are consolidated for the tax return.  I thought 25 licenses would allow me 25 separate accounts that roll into one account at the end of the year.  How can I do this with QB on-line advanced?  [name removed]

M
MAnneJ
January 29, 2024

Hello there, @jcoddin1. 

We can't consolidate companies, however, what we can do is to save them under one Intuit account login. If you really want these 25 separate accounts to roll in one, I'd recommend using third party application. 

 

In addition, I've added these articles for you to check how to fund non-profit accounts and create custom reports in QuickBooks Online: 
 

Feel free to reply to this thread should you have any QuickBooks-related questions. Have a nice day. 

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