I have 3 clients (A, B, and C) who want to fold into one. B & C want to become divisions/departments under A. If I use the class tracking categories then I can make separate P&Ls/Balance Sheets for them, which is what they really want.
Is there a clean way to do this? B & C won't have a lot going on in terms of daily or even weekly activity (B & C make money, and A handles the payroll/expenses). How would I upload the past expenses/accounts into A?
Welcome back to the Community, @phammond9009.
Yes, you're right. Using the Class and Location tracking feature for company B and C will help you monitor income and expenses and run reports for them. You can easily turn this feature on in the company settings. Here's how:
1. Go to the Gear icon at the top and pick Accounts and Settings under Your Company column.
2. Select Advanced on the left pane, click the Edit (pencil) icon in the Categories section.
3. Choose the category you want to enable and select the settings, then Save.
To create a class or location categories, here's how:
1. Go back to the Gear icon and pick All Lists under Lists column.
2. Select Classes or Locations, then click New.
3. Enter the necessary information, then hit Save.
On the other hand, you can manually export the list of expense/accounts from company B and C to Excel, then import it to A. Consider checking out this article for the detailed steps on how to do it: Move your lists to QuickBooks Online.
That should do it. Please let me know how everything goes in the comment section below. I'll be happy to answer if you have any follow-up questions. Have a good one.
Hello @phammond9009 ,
You can use the third part apps for exporting and importing data from one QuickBooks company to another. One of the options I know is Business Importer, it can both export and import transactions (invoices, bills, checks etc) and lists (like chart of account, customers etc).
Also you will be able to update the existing records with the app or revert imports, just in case you import something not in a correct way.
Hope that helps.