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JDM14
February 19, 2024
Question

Financial Statements

  • February 19, 2024
  • 1 reply
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I have recently purchased QuickBooks online to manage some small companies that basically have a bank account and tracking the activity that runs through the bank accounts using a financial statement.  My question is in order to have discrete financial statements for each company/bank account, do I need to setup up individual companies in QuickBooks?  They can all share the same COA if that helps.  Thank you.

 

1 reply

A
AnneMariee
February 19, 2024

Hi there, JDM14.

 

Let me provide information on managing different companies in QuickBooks Online (QBO).

 

First, if all companies use the same Employer Identification Number (EIN), you can use one QBO account and the Location or Class tracking features.

 

Here's how to turn on location tracking:

 

  1. Go to Settings, then select Account and settings.
  2. Select Advanced.
  3. In the Categories section, select the Edit icon.
  4. Select the checkbox to track locations.
  5. Hit Save, then Done.

 

You can also read this article for more info on categorizing data from different locations: Set up and use location tracking in QuickBooks Online.

 

However, if the companies have different EINs, you'll need to have multiple QBO subscriptions and connect each company to online banking. You can check out this article on managing multiple company files: Create or add another company file to QuickBooks Online.

 

Once you've created each company file in its own paid subscription, here's a guide on connecting them to their respective bank accounts: Connect bank and credit card accounts to QuickBooks Online.

 

Come back to this post if you have other concerns or follow-up questions about managing different companies in QuickBooks. I'll be around to provide further assistance.

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